Estimated pivot point is at the level of 1.1117. 

Analysis: Presumably, the formation of the uptrend as third wave of the senior level 3 continues on the four-hour timeframe. At the moment, it seems that the fifth wave v of 3 is being formed, within which upward impetus has been formed as the wave (i) of v. If this assumption is correct, in the short-term the pair can decline as part of the correction to 1.1283 – 1.1245. After the completion of the correction (ii) the pair may continue to rise. Critical level for this scenario is 1.1117. 

Alternative scenario: Breakdown and consolidation of the price below the level of 1.1117 may trigger further decline in the pair up to 1.0910. 

Our opinion: In the short-term: sell the pair below the level of 1.1450 with the target of 1.1283 – 1.1245. In the medium-term: wait for the completion of the correction (ii) and buy the pair with the target of 1.1550 – 1.1650. 

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