Estimated pivot point is at the level of 1.1161.
Analysis: Presumably, the formation of the third wave of the senior level 3 continues on the four-hour timeframe. At the moment, it seems that the upward impetus is being developed in the third wave of the junior level iii of 3, within which the wave (v) 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 1.1161.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.1161 may trigger further decline in the pair up to 1.1100 – 1.1050.
Our opinion: Buy the pair from correction above the level of 1.1161 with the target of 1.1300 – 1.1350.