Estimated pivot point is at the level of 110.90. 

Analysis: Supposedly, a descending correction in a form of the wave ii within the wave C of senior level has finished forming. Apparently, the third wave iii of C has started developing locally, with the wave (i) continuing to develop within. If this assumption is correct, the pair will go on growing to a level of 114.36. The level 110.93 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 110.90 will allow the pair to continue declining to the levels of 110.30 – 109.90.

Our opinion: Buy the pair from corrections above the level of 110.90 with a target at 114.36. 


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