Estimated pivot point is at the level of 0.9953.

Our opinion: Sell the pair from correction below the level of 0.9953 with the target of 0.9510 – 0.93.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9953 will boost the price up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the third wave iii of the senior level continues. Currently, it seems that upward correction as the wave (ii) is nearing completion. If this assumption is correct, after the completion of the correction, the pair will continue to decline to the levels 0.9510 – 0.93.



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