Estimated pivot point is at the level of 1.1164. 

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 is being developed as the third wave of the junior level (iii) of iii of 3, which can rise up to the levels of 1.1300 – 1.1350. Critical level for this scenario is 1.1164. 

Alternative scenario: Breakdown and consolidation of the price below the level of 1.1164 may trigger further decline in the pair up to 1.1070 as part of the correction. 

Our opinion: Buy the pair from correction above the level of 1.1164 with the target of 1.1300 – 1.1350. 

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