Estimated pivot point is at the level of 110.25. 

Analysis: Presumably, the formation of the downward correction as the wave ii in the wave C of the senior level is being developed. Locally, it is likely that the downward impetus as the wave (a) of ii of C has completed. If this assumption is correct, the pair can continue to rise up to 112.30 – 112.80 within correction. Critical level for this scenario is 110.25. 

Alternative scenario: Breakout and consolidation of the price below the level of 110.25 will trigger further decline in the pair to 109.40. 

Our opinion: Buy the pair from correction above the level of 110.25 with the target of 112.30 – 112.80. 


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