Estimated pivot point is at the level of 1.1158. 

Analysis: The third wave of senior level 3 presumably continues developing on the 4-hour chart. Apparently, a descending correction as the wave iv of 3 is developing now with a descending impetus as the wave (c) forming inside. If the presumption is correct, the pair will continue to decline to the levels of 1.1100 – 1.1060. The level of 1.1158 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 1.1158 will allow the pair to continue growing to a level of 1.1230. 

Our opinion: Sell the pair from correction below the level of 1.1158 with a target of 1.1000 – 1.1160. Buy the pair with a target at 1.1230 – 1.1300 in case the level 1.1158 is broken. 

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