Estimated pivot point is at the level of 1.0890. 

Analysis: Presumably, the formation of the third wave of the senior level iii of 3 continues on the four-hour timeframe. At the moment, it seems that the downward correction of the junior level as the wave (ii) of iii of 3 is being developed, within which the pair may decline to the levels of 1.0792 – 1.0742. Critical level for this scenario is 1.0890. Breakdown of this level may trigger further rise in the pair up to 1.1022 – 1.1100. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.0890 may trigger further rise in the pair up to 1.1022 – 1.1100. 

Our opinion: Sell the pair from correction below the level of 1.0890 with the target of 1.0792 – 1.0742. 


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