Estimated pivot point is at the level of 1.1096.

Our opinion: In the short-term: buy the pair above the level of 1.1096 with the target of 1.1190 – 1.1250. If the price breaks out and consolidates below the level of 1.1096, sell the pair with the target of 1.09 – 1.08.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1096 will trigger the decline in the pair to 1.09 – 1.08.

Analysis: Presumably, the formation of the downward correction of the senior level continues, as the wave 2. Within this wave a final wave c of 2 is being developed. It seems that the formation of the flat 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 1.09 – 1.08.



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