Estimated pivot point is at the level of 113.09.

Our opinion: Buy the pair from correction above the level of 113.09 with the target of 116.80.

Alternative scenario: Breakdown and consolidation of the price below the level of 113.09 will trigger decline to 111.60.

Analysis: Presumably, the formation of the upward impetus as the wave A continues as part of the correction of the senior level (B). . Locally, it is likely that the correction as the wave iv of A has completed and started to develop in the fifth wave. If this assumption is correct, the pair may continue to rise to 116.80. Critical level for this scenario is 113.09.



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