Estimated pivot point is at the level of 1.1284.

Our opinion: Sell the pair from correction below the level of 1.1284 with the target of 1.1060.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1284 will allow the pair to continue the rise up to 1.1350 – 1.1450 as part of correction in the wave (b).

Analysis: The decline in the pair continues and it is likely that the correction of the senior level is being formed as the wave ii of 3. Currently, the wave (a) of ii is being formed as an impetus within which the third wave is being developed. If this assumption is correct, the pair will continue to decline to 1.1060 – 1.0940. Critical level for this scenario is 1.1284.




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