Estimated pivot point is at a level of 1.1901.
Main scenario: short positions will be relevant from corrections below the level of 1.1901 with a target of 1.1735 – 1.1650.
Alternative scenario: Breakout and consolidation above the level of 1.1901 will allow the pair to continue rising to a level of 1.1970 and higher.
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 has been formed and the ascending correction in the form of the wave ii of C has finished locally. If the assumption is correct, the pair may be expected to continue falling to the level of 1.1735 – 1.1650. The level 1.1901 is critical in this scenario.
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Estimated pivot point is at a level of 1.3543.
Main scenario: short positions will be relevant from corrections below the level of 1.3543 with a target of 1.3218 – 1.3030.
Alternative scenario: Breakout and consolidation above the level of 1.3543 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 wedge-shaped wave i of C formed and an ascending correction in the form of the wave ii of C developing inside. If the assumption is correct, the pair will continue falling to the levels 1.3218 – 1.3030 once the correction is over. The level 1.3543 is critical in this scenario.
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Estimated pivot point is at a level of 0.9828.
Main scenario: long positions will be relevant from corrections above the level of 0.9828 with a target of 0.9977 – 1.0036.
Alternative scenario: breakout and consolidation below the level of 0.0.9828 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 112.02.
Main scenario: long positions will be relevant above the level of 112.02 with a target of 114.73 – 115.77.
Alternative scenario: Breakout and consolidation below the level of 112.02 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 third wave of junior level iii of 3 has started developing, with a counter-trend impetus (i) forming inside. If the presumption is correct, the pair will continue to rise to the levels of 114.73 – 115.77. The level 112.02 may be critical in this scenario.
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Estimated pivot point is at a level of 1.2915.
Main scenario: short positions will be relevant from corrections below the level of 1.2915 with a target of 1.2590 – 1.2488.
Alternative scenario: breakout and consolidation above the level of 1.2915 will allow the pair to continue rising to a level of 1.3100.
Analysis: Supposedly, a correction continues to develop within the 4-hour time frame in the form of the wave 2 of (5) currently shaped like a plane. Apparently, the wave b of 2 has finished forming as an expanding horizontal triangle and a wave c of 2 has started developing, with an impetus in the form of a wave (i) of junior level forming inside. If the presumption is correct, the pair will continue to drop to the levels 1.2590 – 1.2488. The level 1.2915 is critical in this scenario.
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