Estimated pivot point is at the level of 0.9659.

Our opinion:Sell the pair below the level of 0.9659 with the target of 0.9509.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9659 will allow the pair to continue to rise up to 0.9785.

Analysis: Presumably, the formation of the upward correction completed as the second wave ii, which took a shape of a plane (a)(b)(c). Currently, it seems that the third wave of the senior level started to develop, within which the first one-two wave (i) of the junior level seems to form as an impetus. If this assumption is correct, the pair will continue to decline to the level of 0.9509. Critical level for this scenario is 0.9659.



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