Estimated pivot point is at the level of 0.9760.
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 continues, within which the wave (v) of iii is being developed. If this assumption is correct, the pair can continue to decline to 0.9608. Critical level for this scenario is 0.9760.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9760 will trigger further rise in the pair up to 0.9847 – 0.9895.
Our opinion: Sell the pair from correction below the level of 0.9760 with the target of 0.9608. After breakdown at the level of 0.9760, buy with the target of 0.9847 – 0.9895.