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.