Estimated pivot point is at the level of 0.9938.
Analysis: Supposedly, the third wave 3 of senior level continues to form. Apparently, a counter-trend impetus has been formed as the wave (i) and the descending correction (ii) has reached Fibonacci 50% and finished developing locally. If the presumption is correct, the pair will logically resume rising to a level of 1.0104 – 1.0160 within the third wave (iii). The level 0.9938 is critical in this scenario.
Alternative scenario: Breakout and consolidation below the level of 0.9938 will allow the pair to continue declining to a level of 0.9813.
Our opinion: Buy the pair from correction above the level of 0.9938 with a target of 1.0104 – 1.0160.