Estimated pivot point is at the level of 0.9690. 

Analysis: Presumably, on the four-hour timeframe the formation of the downtrend continues in the third wave 3 of the senior level. Locally it seems that the development of the downward impetus as the third wave of the junior level (iii) of iii of 3 has completed and the upward correction (iv) of iii is being developed. If this assumption is correct, the pair can rise up to the level of 0.9784 – 0.9844 as part of the correction. Critical level for this scenario is 0.9690. 

Alternative scenario: Breakout and consolidation of the price below the level of 0.9690 will trigger decline in the pair to 0.9622. 
 

Our opinion: Buy the pair from correction above the level of 0.9690 with the target of 0.9784 – 0.9844. After breaking down level of 0.9690, sell with the target of 0.9622. 




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