Estimated pivot point is at the level of 1.0083.

Our opinion: Buy the pair above the level of 1.0083 with the target of 1.0238.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.0083 will trigger further decline to 0.9984.

Analysis: Presumably, the formation of the upward correction as the second wave of the senior level continues. Locally it seems that the upward impetus as the wave c of 2 is being formed, within which the third wave has completed and correction as the fourth wave (iv) is being developed. If this assumption is correct, after the completion of the correction, the pair will continue to rise up to 1.0238. Critical level for this scenario is 1.0083.



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