Estimated pivot point is at the level of 103.29.

Our opinion: Buy the pair from correction above the level of 103.29 with the target of 105.12. In case of breakdown of the level of 103.29, sell with the target of 101.77.

Alternative scenario: Breakdown and consolidation of the price below the level of 103.29 will trigger further decline in the pair to 101.77 in the local correction.

Analysis: Presumably, the formation of the one-two impetus continues as the first wave of the upward correction (B) of the senior level. Locally, it is likely that the fifth wave (v) is being formed. If this assumption is correct, the pair will continue to rise up to 105.12. Critical level for this scenario is 103.29.



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