Estimated pivot point is at a level of 1.1960.
Main scenario: short positions will be relevant below the level of 1.1960 with a target of 1.1709 – 1.1550.
Alternative scenario: breakout and consolidation above the level of 1.1960 will allow the pair to continue rising to a level of 1.2100.
Analysis: A downward correction supposedly continues developing on the 4-hour timeframe in the form of the wave (2), with an upward correction in the form of the wave B, currently shaped as the zigzag ABC, completed inside. Apparently, the first wave of junior level (i) of i of C of iii is formed and the downward correction (ii) is completed locally . If the presumption is correct, the pair will logically drop to the levels 1.1790 – 1.1550. The level 1.1960 is critical in this scenario.
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Estimated pivot point is at a level of 1.3654.
Main scenario: short positions will be relevant below the level of 1.3654 with a target of 1.3218 – 1.3030.
Alternative scenario: Breakout and consolidation above the level of 1.3654 will allow the pair to continue rising to a level of 1.3800 – 1.3900.
Analysis: Supposedly, an ascending correction in the form of the wave B of senior level stops forming within the 4-hour time frame. Apparently, the wave с of В is nearing completion locally, with the fifth wave of junior level (v) of c of B forming inside. If the presumption is correct, the pait may be logically expected to drop to 1.3218 – 1.3030 once the correction is completed. The level 1.3654 is critical in this scenario.
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Estimated pivot point is at a level of 0.9881.
Main scenario: short positions will be relevant from corrections below the level of 0.9881 with a target of 0.9765 – 0.9728.
Alternative scenario: breakout and consolidation above the level of 0.9881 will allow the pair to continue rising to a level of 0.9947.
Analysis: supposedly, an ascending correction in the form of the wave (2) of senior level has stopped developing within the 4-hour time frame. Apparently, the first wave i of 1 of (3) of junior level continues to form, with the upward correction (iv) of i completed inside. If the presumption is correct, the pair will continue to drop to the levels 0.9765 – 0.9728. The level 0.9881 is critical in this scenario.
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Estimated pivot point is at a level of 1.2678.
Main scenario: long positions will be relevant from corrections above the level of 1.2678 with a target of 1.3000 – 1.3130.
Alternative scenario: Breakout and consolidation below the level of 1.2678 will allow the pair to continue declining to a level of 1.2450.
Analysis: Supposedly, the first wave 1 continues forming within the fifth wave (5) of senior level on the 4-hour time frame. Apparently, the fifth wave v of 1 is developing now, with the third wave (iii) of junior level forming within. If the presumption is correct, the price will continue to rise to the levels of 1.3000 – 1.3130. The level 1.2678 is critical in this scenario.
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