Estimated pivot point is at the level of 1.1163.

Our opinion: Sell the pair from correction below the level of 1.1163 with the target of 1.09.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1163 will trigger the rise in the pair to 1.1250.

Analysis: Presumably, the formation of the downward correction of the senior level continues, as the wave 2. Within this wave, the final wave c of 2 is being developed. At the moment, it seems that the formation of the flat correction, as the wave (ii) has completed, while the third wave (iii) is being developed, within which one-two impetus i of (iii) has formed and the local correction, as the wave ii is being developed. 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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