Estimated pivot point is at the level of 1.1411.
Our opinion: Sell the pair from correction bellow the level of 1.1411 with the target of 1.0990 – 1.0940.
Alternative scenario: Breakout and consolidation of the price above the level of 1.1411 will allow the pair to continue the rise up to 1.15 – 1.16.
Analysis: Presumably, the formation of the downward correction of the senior level as the wave ii of 3 continues within the 4 hour timeframe. Currently, it seems that the formation of the upward correction as the wave (b) of ii has completed. If this assumption is correct, the pair has started to decline to 1.0990 – 1.0940 within the wave (c) of ii. Critical level for the main scenario is 1.1411.