Estimated pivot point is at the level of 1.1035.

Our opinion: Sell the pair from correction below the level of 1.1035 with the target of 1.0830 – 1.0770.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1035 may trigger further rise in the pair up to 1.1274.

Analysis: Presumably, the formation of the wave c of 2 continues as the bearish correction of the senior level. Locally it is likely that the third wave (iii) is being developed, within which the fifth wave v of (iii) is being formed. If this assumption is correct, the pair may continue to decline to 1.0830 – 1.0770. Critical level for this scenario is 1.1035.



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