Estimated pivot point is at the level of 0.9754. 

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 has begun, within which a minor one-two impetus i of (a) has been formed. If this assumption is correct, the pair can rise up to the level of 0.9960. Critical level for this scenario is 0.9754. 

Alternative scenario: Breakout and consolidation of the price below the level of 0.9754 will trigger decline in the pair to 0.9600 – 0.9500. 

Our opinion: Buy the pair from correction above the level of 0.9754 with the target of 0.9960. 




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