Estimated pivot point is at the level of 107.00.

Our opinion: Sell the pair from correction below the level of 107.00 with the target of 104.07. In case of breakout and consolidation of the price above the level of 107.00, buy with a target of 108.57.

Alternative scenario: Breakout and consolidation of the price above the level of 107.00 will trigger further rise in the pair up to 108.57.

Analysis: Presumably, the formation of the upward correction (B) of the senior level continue Locally, it is likely that the third wave iii of A is being formed, within which one-two impetus (i) has developed and it is expected that the price will decline to the level of 104.07 in the wave (ii). Critical level for this scenario is 107.00.



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