Estimated pivot point is at the level of 0.9659.

Our opinion: Buy the pair from correction above the level of 0.9659 with the target of 0.98 – 0.99.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9659, will allow the pair to continue to decline to 0.95.

Analysis: Presumably, the formation of the upward correction continues as the second wave ii, which is taking a shape of a plane (a)(b)(c). Currently, it seems that the wave (c) of ii is being developed, and within this wave the impetus may be formed. If this assumption is correct, the pair will continue to rise to the level of 0.99. Critical level for this scenario is 0.9659.



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