Estimated pivot point is at the level of 0.9600. 

Analysis: Presumably, on the four-hour timeframe the downtrend continues forming in the third wave 3 of senior level. Locally it seems that the downward impetus as the third wave of junior level iii of 3 has finished developing and an upward correction iv of 3 has started forming. If this assumption is correct, the pair will continue growing to the levels of 0.9794 – 0.9855. The level 0.9600 is critical for this scenario. 

Alternative scenario: Breakout and consolidation of the price below the level of 0.9600 will allow the pair to continue declining to the level of 0.9500. 

Our opinion: Buy the pair from correction above the level of 0.9600 with the target of 0.9794 – 0.9855. After breakdown at the level of 0.9600, sell with the target of 0.9500. 

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