Estimated pivot point is at the level of 1.0200.

Our opinion: Sell the pair below the level of 1.0200 with the target of 0.9948 – 0.9866.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.0200 will trigger further rise to 1.0300.

Analysis: Presumably, the formation of the upward correction of the senior level as the second wave 2 has completed. Locally it seems that the first wave of the junior level (i) as a wedge has been formed and the correction as the wave (ii) is nearing completion. If this assumption is correct, the pair will continue to decline to 0.9948 – 0.9866. Critical level for this scenario is 1.0200.



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