Estimated pivot point is at the level of 106.33.

Our opinion Sell the pair from correction below the level of 106.33 with the target of 100.60.

Alternative scenario: Breakout and consolidation of the price above the level of 106.33 will trigger the rise up to 109.00 – 110.00.

Analysis: Presumably, the formation of the long-term downtrend continues. It is assumed that within this trend the fifth wave is being developed. At the moment, it is likely that the third wave of the junior level (iii) of v is being formed. If this assumption is correct, the pair will continue to decline to 100.60. Critical level for this scenario is 106.33.

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