Estimated pivot point is at the level of 1.0824. 

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues, within which the upward correction as the wave ii of 5 has completed. Locally, it seems that the final wave (c) of ii has completed. Within this wave an impetus has formed. If this assumption is correct, the pair may continue to decline to 1.0600 – 1.0500. Critical level for this scenario is 1.0824.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0824 may trigger further rise in the pair up to 1.0900 - 1.0950. 

Our opinion: Sell the pair from correction below the level of 1.0824 with the target of 1.0600 – 1.0500.




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