Estimated pivot point is at the level of 0.9695. 

Analysis: A downward trend is supposed to continue forming inside the third wave 3 of senior level within the 4-hour time frame. Apparently, the wave v of 3 continues to develop locally, with the correction (ii) of junior level completed and the wave (iii) starting to develop within. If the presumption is correct, the pair will continue to drop to the levels 0.9500 – 0.9400. The level 0.9695 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 0.9695 will allow the pair to continue rising to a level of 0.9760. 

Our opinion: Sell the pair from corrections below the level of 0.9695 with a target at 0.9500 – 0.9400. Buy the pair with a target at 0.9760 in case the level 0.9695 is broken. 

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