Estimated pivot point is at the level of 0.9880. 

Analysis: Presumably, the formation of the downward correction as the wave 2 of the senior level continues. Locally, it is likely that the wave c of 2 is being developed, within which bearish impetus as the wave (i) of c has been formed and the upward correction of the junior level as the wave (ii) is being developed. If this assumption is correct, in the short-term the pair may go up to 1.0014 – 1.0048 as part of the correction. Critical level for this scenario is 0.9880. 

Alternative scenario: Breakout and consolidation of the price below the level of 0.9880 will trigger decline in the pair to 0.9745.

Our opinion: Buy the pair from correction above the level of 0.9880 with the target of 1.0014 – 1.0048. 

 

 

 

 




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