Estimated pivot point is at the level of 106.20.

Our opinion: Buy the pair from correction above the level of 106.20 with the target of 111.40.

Alternative scenario: Breakout and consolidation of the price below the level of 105.46 will permit the pair to continue the decline to the levels of 105.46 – 105.00.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level continues. At the moment, it is likely that the formation of the wave (b) of iv has completed, within which an irregular plane has formed. If this assumption is correct, the pair will continue to rise to the level of 111.40 within the wave (c) of iv. Critical level for this scenario is 106.20. .



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