Estimated pivot point is at the level of 1.0776. 

Analysis: Supposedly, the fifth wave 5 of senior level continues to form. Apparently, the first wave i of 5 has formed as a zigzag-like pattern, which allows us to suppose that a diagonal triangle may form in the fifth wave. Apparently, the ascending correction ii of 5 is completed in a zigzag-like form at a correction level of 62%. If the presumption is correct, the pair will logically resume dropping to the levels 1.0600 – 1.0450. The level 1.0776 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 1.0776 will allow the pair to continue rising to a level of 1.0904. 

Our opinion: Sell the pair from correction below the level of 1.0776 with a target at 1.0600 – 1.0450. 




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