Estimated pivot point is at the level of 1.1079.
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 upward impetus as the third wave of the junior level (iii) of iii of 3 is being developed. If this assumption is correct, the pair can continue to rise up to 1.1300 – 1.1350. Critical level for this scenario is 1.1079. After breaking down this level the pair can continue to decline to 1.1013, as part of the downward correction.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.1079 may trigger further decline in the pair up to 1.1013 as part of the correction.
Our opinion: Buy the pair from correction above the level of 1.1079 with the target of 1.1300 – 1.1350.