Estimated pivot point is at the level of 1.4350

Our opinion:Sell the pair from correction below the level of 1.4350 with the target of 1.39.

Alternative scenario:Breakout and consolidation of the price above the level of 1.4350 will trigger the rise in the pair up to the level of 1.4650.

Analysis: Presumably, the formation of the third wave of the senior level iii of 5 continues. Locally, it is likely that the upward correction (iv) of iii is nearing completion. If this assumption is correct, after the completion of the correction the pair may go down in the fifth wave (v) to the level of 1.39. Critical level for this scenario is 1.4350.



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