Estimated pivot point is at the level of 1.0849.
Analysis: An ascending trend is presumably forming on the 4-hour chart, with the third wave of senior level iii of 3 supposedly developing within. Apparently, a bullish impetus is developing now in a form of the wave (i). If the presumption is correct, the pair will logically rise to a level of 1.1000 and higher. The level of 1.0849 may be critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.0760 – 1.0715 in the framework of a deeper correction.
Alternative scenario: Breakout and consolidation below the level of 1.0849 will allow the pair to continue declining to the levels of 1.0760 – 1.0715.
Our opinion: Buy the pair from correction above the level of 1.0849 with a target of 1.1000 – 1.1160.