Estimated pivot point is at the level of 0.9647.

Our opinion: Buy the pair from correction above the level of 0.9647 with the target of 0.9884 – 0.9962.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9647 will trigger the decline to 0.95 or further down.

Analysis: Presumably, the formation of the upward correction as the second wave of the senior level ii continues. Locally, it is likely that the final wave (с) of ii is being developed, within which downward correction has completed as the wave ii of (c). If this assumption is correct, the pair may rise up to 0.9884 – 0.9962. Critical level for this scenario is 0.9647.



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