Main scenario: short positions will be relevant from corrections below the level of 1.1861 with a target of 1.1700 – 1.1650.
Alternative scenario: breakout and consolidation above the level of 1.1861 will allow the pair to continue rising to a level of 1.1938.
Analysis: Supposedly, a descending correction in the form of the wave (2) continues developing in the 4-hour time frame, with an ascending correction in the form of the wave B completed and the wave C developing inside. Apparently, the first wave of junior level i of C is developing locally, with the fifth wave (v) of i forming inside. If the presumption is correct, the pair will logically continue to decline to the levels 1.1700 – 1.1650. The level 1.1861 is critical in this scenario.
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Estimated pivot point is at a level of 1.3519.
Main scenario: short positions will be relevant below the level of 1.3519 with a target of 1.3218 – 1.3030.
Alternative scenario: Breakout and consolidation above the level of 1.3519 will allow the pair to continue rising to a level of 1.3657.
Analysis: Supposedly, an ascending correction in the form of the wave В of (2) of senior level has stopped forming within the 4-hour time frame. Apparently, the wave C of (2) has started developing locally, with the third wave of junior level iii of C developing inside. If the presumption is correct, the price may be expected to continue falling to the level of 1.3218 – 1.3030. The level 1.3519 is critical in this scenario.
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Estimated pivot point is at a level of 0.9837.
Main scenario: long positions will be relevant from corrections above the level of 0.9837 with a target of 0.9977 – 1.0036.
Alternative scenario: breakout and consolidation below the level of 0.9837 will allow the pair to continue declining to a level of 0.9734.
Analysis: supposedly, an ascending correction in the form of the wave (2) of senior level continues developing within the 4-hour time frame. Apparently, the first wave С of (2) is forming locally, with the downward correction of junior level i of C completed in the form of the wave ii of C inside. If the presumption is correct, the pair may continue rising to the levels of 0.9977 – 1.0036. The level 0.9837 is critical in this scenario.
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Estimated pivot point is at a level of 111.93.
Main scenario: long positions will be relevant above the level of 111.93 with a target of 114.50 – 114.95.
Alternative scenario: Breakout and consolidation below the level of 111.93 will allow the pair to continue declining to a level of 110.84.
Analysis: Supposedly, the wave C of senior level continues to develop in the 4-hour time frame, with the wave 3 of C forming inside. Apparently, the first wave of junior level i of 3 has formed and the descending correction ii of 3 is nearing completion at the moment. If the presumption is correct, the pair will continue to rise to the levels of 114.50 – 114.95 once the correction is over. The level 111.93 may be critical in this scenario.
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Estimated pivot point is at a level of 1.2620.
Main scenario: long positions will be relevant above the level of 1.2620 with a target of 1.3000.
Alternative scenario: breakout and consolidation below the level of 1.2620 will allow the pair to continue declining to a level of 1.2437.
Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop within the 4-hour time frame. Apparently, the fifth wave of junior level v of 1 is forming now, with the wave (i) of v formed and the wave (ii) of v nearing completion inside. If the presumption is correct, after correction, the pair will continue to rise to the levels 1.3000 – 1.3100. The level 1.2620 is critical in this scenario.
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