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 1.1014 – 1.0914.

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 wave c of 2 of the senior level continues. Locally it is likely that the upward correction as the wave (ii) has completed, and the third wave (iii) is being developed, within which one-two wave i of the junior level has been formed. If this assumption is correct, after the completion of the local correction ii the pair may decline to the level of 1.1014 or further down. Critical level for this scenario is 1.1324.



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