Estimated pivot point is at the level of 1.0565. 

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues. It seems that the first wave i of 5 in the shape of a zigzag has been formed, which indicates that a diagonal triangle as the fifth wave may be formed. Locally, the upward correction ii of 5 is being developed. If this assumption is correct, upward correction in the pair can go up to 1.0735. Critical level for this scenario is 1.0565. 

Alternative scenario: Breakout and consolidation of the price below the level of 1.0565 may trigger further decline in the pair to 1.0450. 

Our opinion: Buy the pair from correction above the level of 1.0565 with the target of 1.0735. 




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