Estimated pivot point is at the level of 0.9800.

Our opinion: buy the pair from correction below the level of 0.9580 with the target of 0.94 – 0.93 or lower.

Alternative scenario: breakout and consolidation of the price above the level of 0.9800 will allow the pair to continue the rise to 0.99 – 1.00.

Analysis: presumably, the formation of the upward correction has completed as the second wave ii, which took a shape of the zigzag. Currently, it seems that the third wave iii is being developed. If this assumption is correct the pair will continue to decline in the medium-term downtrend. Critical level for this scenario is 0.9800.




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