Estimated pivot point is at the level of 0.9945.

Our opinion: Sell the pair from correction below the level of 0.9945 with the target of 0.9510 – 0.93.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9945 will trigger further rise up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the third wave of the senior level (iii) of iii continues. Within this wave one-toe impetus has been formed. Locally, it is assumed that the upward correction ii of (iii) is being developed. If this assumption is correct after the completion of the correction the pair can continue to decline to 0.9510 – 0.93. Critical level for this scenario is 0.9945. Breakout of this level will trigger the rise in the pair.



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