Estimated pivot point is at the level of 0.9987.

Our opinion: Sell the pair after the breakdown below the level of 0.9987 with the target of 0.98 – 0.9540.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9987 will trigger further decline to 0.98 – 0.9540.

Analysis: Presumably, the formation of the upward correction as the second wave of the senior level is nearing completion. Locally it seems that upward impetus as the wave c of 2 is being formed, within which the final fifth wave (v) is developing. If this assumption is correct, the pair will continue to rise up to 1.0132 in the short-term. Critical level for this scenario is 0.9987.



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