Estimated pivot point is at the level of 1.1286.
Analysis: Presumably, the third wave of senior level 3 continues developing on the four-hour timeframe. At the moment, it seems that the upward impetus has finished forming in the third wave of junior level iii of 3 and a downward correction as the wave iv of 3 has started developing. If this assumption is correct, the pair will continue declining to 1.1100 – 1.1060. The level 1.1286 is critical in this scenario.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.1286 will allow the pair to continue growing to the level of 1.1350 – 1.1450.
Our opinion: Sell the pair from correction below the level of 1.1286 with the target of 1.1100 – 1.1060.