Estimated pivot point is at the level of 1.0511.
Our opinion: Buy the pair from correction above the level of 1.0511 with the target of 1.0693 – 1.0812. In cease of breakdown of the level of 1.0511, sell with the target of 1.04 – 1.0343.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0511 may trigger further decline to 1.04 – 1.0343.
Analysis: It is likely that on the daily chart long-term downtrend will continue. At the moment the fifth wave of the senior level (5) is being developed, within which the third wave iii of (5) of the junior level has completed. . Locally, it is likely that the upward correction iv of (5) is being formed. If this assumption is correct, the pair will continue to rise up to 1.0693 – 1.0812. Critical level for this scenario is 1.0511.