Estimated pivot point is at the level of 1.1269.

Our opinion: buy the pair from correction above the level of 1.169 with the target of 1.16 – 1.17.

Alternative scenario: breakout and consolidation of the price below the level of 1.1269 will allow the pair to continue to decline to 1.1130 – 1.1040.

Analysis: presumably, the formation of the correction as the wave (ii) of iii has completed. At the moment it seems that the third wave (iii) is being developed. If this assumption is correct, the pair will continue to rise up to 1.16 – 1.17. Critical level for this scenario is 1.1269. If this level is broken down, the pair will continue to decline to 1.1130.




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