Estimated pivot point is at the level of 0.9740. 

Analysis: Presumably, on the four-hour chart the descending trend continues forming within the third wave 3 of senior level. Apparently, an ascending correction is developing locally as the fourth wave iv of 3 with the zigzag (a)(b)(c) forming within. If the presumption is correct, in the short-term perspective the pair will continue growing to a level of 0.9794. The level 0.9740 may be critical in this scenario as the breakout will enable the pair to continue declining. 

Alternative scenario: Breakout and consolidation below the level of 0.9740 will allow the pair to continue declining to a level of 0.9600. 

Our opinion: Buy the pair from correction above the level of 0.9740 with a target at 0.9794. Sell the pair with a target at 0.9600 in case the level 0.9740 is broken. 




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