Estimated pivot point is at the level of 0.9765. 

Analysis: A downward trend is supposed to continue forming within the third wave 3 of senior level within the 4-hour time frame. Apparently, an ascending correction in a form of the fourth wave iv of 3 has finished locally and the wave v of 3 has started forming, with the first counter-trend wave of junior level (i) developing inside. If the presumption is correct, the pair will continue to drop to the levels 0.9611 – 0.9500. The level 0.9765 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 0.9765 will allow the pair to continue rising to a level of 0.9855. 

Our opinion: Sell the pair from corrections below the level of0.9765 with a target at 0.9610 – 0.9500. Buy the pair with a target at 0.9855 in case the level 0.9765 is broken. 

 




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