Estimated pivot point is at the level of 1.1136. 

Analysis: Supposedly, the third wave of senior level 3 continues to develop within the 4-hour time frame. Apparently, a downward correction in a form of wave iv of 3 has finished locally and the fifth wave v of 3 has started forming. If this assumption is correct, the pair will go on growing to the level of 1.1300. The level 1.1136 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 1.1136 will allow the pair to continue declining to the levels of 1.1100 – 1.1060. 

Our opinion: Buy the pair from corrections above the level of 1.1136 with a target at 1.1300. Sell the pair with the target of 1.1100 – 1.1060 in case the level 1.1136 is broken. 

 




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