Estimated pivot point is at the level of 1.1297.

Our opinion:Sell the pair from correction below the level of 1.1297 with the target of 1.0990 – 1.0940.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1297 will allow the pair to continue the rise up to 1.1454.

Analysis: Presumably, downward correction of the senior level continues as the wave ii of 3 in the 4-hour timeframe. At the moment, it is likely that the upward correction has completed as the wave (b) of ii, and developing wave (c) of ii, within which the wave of the junior level (iii) of (c) is likely to develop. Critical level for this scenario is 1.1297.



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