Estimated pivot point is at the level of 0.9998. 

Analysis: Presumably, a long-term ascending correction in a form of the fourth wave of senior level has finished developing within the daily time frame. Apparently, the fifth wave has started to develop locally with the first wedge-shaped wave 1 developing within. If the presumption is correct, the pair may continue to fall to a level of 0.9809 in the medium-term perspective. The level 0.9998 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 0.9998 will allow the pair to continue rising to a level of 1.0101. 

Our opinion: Sell the pair from correction below the level of 0.9998 with a target at 0.9809. 

 




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