Estimated pivot point is at a level of 1.1844.
Main scenario: long positions will be relevant above the level of 1.1844 with a target of 1.2091 once the correction has finished.
Alternative scenario: breakout and consolidation below the level of 1.1844 will allow the pair to continue declining to a level of 1.1735.
Analysis: Supposedly, the fifth wave 5 continues forming as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, the third wave iii of 5 is developing now, with the wave (a) of iii finishing within. If the presumption is correct, the pair will logically continue to rise to a level of 1.2091 after the correction (b) of iii comes to an end. The level 1.1844 may be 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 1.3423 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 nearing completion 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 0.9736.
Main scenario: long positions will be relevant above the level of 0.9736 with a target of 0.9977.
Alternative scenario: breakout and consolidation below the level of 0.9736 will allow the pair to continue declining to the levels at 0.9692 – 0.9655.
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 nearing completion 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 once the correction has finished. The level 0.9736 is critical in this scenario.
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Estimated pivot point is at a level of 112.99.
Main scenario: short positions will be relevant from corrections below the level of 112.99 with a target of 111.96.
Alternative scenario: breakout and consolidation above the level of 112.99 will allow the pair to continue the rise up to the levels of 113.72 – 114.73.
Analysis: Supposedly, the third wave of senior level 3 of C continues forming in the 4-hour time frame. Apparently, a downward correction in the form of the wave ii of 3 of junior level is forming now, with the wave (c) of ii forming as an impetus inside. If this assumption is correct, the pair will go on dropping to the level of 111.96. The level 112.99 may be critical in this scenario.
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Estimated pivot point is at a level of 1.2659.
Main scenario: short positions will be relevant from corrections below the level of 1.2659 with a target of 1.2488 – 1.2390.
Alternative scenario: breakout and consolidation above the level of 1.2659 will allow the pair to continue rising to a level of 1.2792.
Analysis: Supposedly, a correction continues to develop within the 4-hour time frame in a form of the wave 2 of (5) currently shaped like a plane. Apparently, the wave с of 2 is forming now as an impetus, with the wave (iii) of c forming within. If the presumption is correct, the pair will continue to drop to the levels 1.2488 – 1.2390. The level 1.2659 may be critical in this scenario.
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