Estimated pivot point is at the level of 0.9675.
Analysis: Presumably, on the four-hour timeframe, the formation of the downtrend continues in the third wave 3 of the senior level. Locally it seems that the development of the wave v of 3 continues within which the third wave of the junior level (iii) is being developed. If this assumption is correct, the pair can continue to decline to 0.9500 – 0.9400. Critical level for this scenario is 0.9675.
Alternative scenario: Breakout and consolidation of the price above the level of 0.9675 will trigger further rise in the pair up to 0.9770.
Our opinion: Sell the pair from correction below the level of 0.9675 with the target of 0.9500 – 0.9400. After breakdown at the level of 0.9675, buy with the target of 0.9770.