Estimated pivot point is at the level of 1.3528. 

Analysis: Presumably, a wave c of B continues to develop, with the third wave (iii) developing within. Apparently, an ascending impetus is developing locally and the third wave iii of (iii) of junior level is developing as part of it. If the presumption is correct, the pair will continue to rise to levels 1.3825 – 1.3900. The level of 1.3528 may be critical in this scenario as the breakout will enable the pair to continue declining to a level of 1.3400. 

Alternative scenario: Breakout and consolidation below the level of 1.3528 will allow the pair to continue declining to the level of 1.3400. 

Our opinion: Buy the pair from correction above the level of 1.3528 with a target of 1.3825 – 1.3900. Sell the pair with a target at 1.3400 in case the level 1.3528 is broken. 

 




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