Estimated pivot point is at the level of 0.9954. 

Analysis: Presumably, the formation of the downward wedge continues in the four-hour timeframe, within which the fifth wave is being formed. Locally it seems that the third wave as an impetus of the junior level (iii) of v is being developed. If this assumption is correct, the pair may decline to the level of 0.9809. Critical level for this scenario is 0.9954. 

Alternative scenario: Breakout and consolidation of the price above the level of 0.9954 will trigger rise in the pair up to 1.0029. 

Our opinion: Sell the pair from correction below the level of 0.9954 with the target of 0.9809 – 0.9750. 

 




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