Estimated pivot point is at the level of 0.9566.

Our opinion: In the short-term: buy the pair above the level of 0.9566 with the target of 0.9760. In the medium-term: wait for the completion of the correction and sell the pair with the target of 0.9320 – 0.9130.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9566 will allow the pair to continue decline to 0.9320 – 0.9130 within the trend.

Analysis: Presumably, the formation of the third wave iii of the senior level continues. Currently, it seems that the first one-two wave (i) of the junior level has formed as an impetus and correction as the wave (ii) has begun. If this assumption is correct, after the completion of the correction, the pair will continue to decline to the levels of 0.9320 – 0.9130.



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