Estimated pivot point is at the level of 1.0870.
Analysis: Presumably, the formation of the uptrend continues on the four-hour timeframe, within which the third wave iii of 3 of the senior level is being formed. At the moment, it seems that the third wave of the junior level (iii), is being developed, within which one-two impetus i of (iii) has formed. If this assumption is correct, after the completion of the local correction ii of (iii), the pair may continue to rise to the level of 1.1165, or higher up. Critical level for this scenario is 1.0760 – 1.0715. After breaking down this level the price may continue to decline within deep correction.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0870 may trigger further decline in the pair to 1.0760 – 1.0715.
Our opinion: Buy the pair from correction above the level of 1.0870 with the target of 1.1165.