Estimated pivot point is at the level of 1.1324.

Our opinion: Sell the pair from correction below the level of 1.1324 with the target of 1.1120 – 1.0930.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1324 may trigger the rise in the pair to 1.1427.

Analysis: Presumably, the formation of the downward correction of the senior level continues, within which the wave c of 2 is being developed. Locally it is likely that that upward correction as the wave (ii) has completed. If this assumption is correct, the pair can decline to 1.1120 or further down in the third wave (iii).



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