Estimated pivot point is at the level of 1.1366. 

Analysis: Supposedly, an upward trend in a form of the third wave of senior level 3 continues to develop within the 4-hour time frame. Apparently, the fifth wave v of 3 of junior level continues to form at the moment, and the correction (ii) in a form of an irregular plane is supposed to have ended within. If the presumption is correct, the pair will continue to rise to the levels 1.1550 – 1.1650. The level 1.1366 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 1.1366 will allow the pair to continue declining to a level of 1.1245. 

Our opinion: Buy the pair from corrections above the level of 1.1366 with a target of 1.1550 – 1.1650. 

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