Estimated pivot point is at the level of 1.0097. 

Analysis: Presumably, the formation of the downward wedge as the first wave 1 has completed in the four-hour timeframe. Locally it seems that the development of the upward correction as the wave 2 continues, within which the wave a of 2 as an impetus has formed and the downward correction of the junior level b of 2 is being developed. If this assumption is correct, the pair may decline to the level of 1.0004 – 0.9977. Critical level for this scenario is 1.0097. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.0097 will trigger rise in the pair up to 1.0146. 

Our opinion: Sell the pair from correction below the level of 1.0097 with the target of 1.0004 – 0.9977. 




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