Estimated pivot point is at the level of 0.9950.

Analysis: Presumably, the formation of the downward correction ii of 3 has completed, within which the zigzag has formed. Locally, it is likely that the pair will reverse. If this assumption is correct, the rise in the pair can resume up to continue to 1.0060 – 1.0106. Critical level for this scenario is 0.9950. 

Alternative scenario: Breakout and consolidation of the price below the level of 0.9950 will trigger decline in the pair to 0.9863. 

Our opinion: Buy the pair from correction above the level of 0.9950 with the target of 1.0060 – 1.0106. 

 




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