Estimated pivot point is at a level of 1.2167.
Main scenario: long positions will be relevant from corrections above the level of 1.2167 with a target of 1.2400.
Alternative scenario:Breakout and consolidation below the level of 1.2167 will allow the pair to continue declining to the levels of 1.2070 – 1.1918.
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 final fifth wave v of 5 is developing now, with the wave (c) of v forming within. If this assumption is correct, the pair will go on growing to the level of 1.2400. The level 1.2167 is critical in this scenario.
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Estimated pivot point is at a level of 1.3804
Main scenario: long positions will be relevant from corrections above the level of 1.3804 with a target of 1.4000.
Alternative scenario: Breakout and consolidation below the level of 1.3804 will allow the pair to continue declining to the levels of 1.3650 – 1.3568.
Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the wave v of 5 of junior level is forming locally, with the wave (v) of v developing inside. If this assumption is correct, the pair will go on growing to the level of 1.4000. The level 1.3804 is critical in this scenario.
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Estimated pivot point is at a level of 0.9665.
Main scenario: short positions will be relevant from corrections below the level of 0.9665 with a target of 0.9500 – 0.9417.
Alternative scenario:Breakdown and consolidation above the level of 0.9665 will allow the pair to continue the rise up to the levels of 0.9840 – 0.9983.
Analysis: Supposedly, a descending correction of senior level in the form of the wave B continues to form within the 4-hour time frame. Apparently, the wave (c) of ii is developing at the moment, with the wave (v) of c forming inside. If the presumption is correct, the pair will continue to drop to the levels 0.9500 – 0.9417. The level 0.9665 is critical in this scenario.
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Estimated pivot point is at a level of 111.50.
Main scenario: short positions will be relevant from corrections below the level of 111.50 with a target of 110.14 – 109.68.
Alternative scenario:breakout and consolidation above the level of 111.50 will allow the pair to continue rising to a level of 113.40.
Analysis: Supposedly, a descending correction in the form of the wave 2 of senior level continues developing within the 4-hour time frame. Apparently, the wave с of 2 is forming now, with the wave (v) of c developing within. If the presumption is correct, the pair will continue to drop to the levels 110.14 – 109.68. The level 111.50 is critical in this scenario.
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Estimated pivot point is at a level of 1.2353.
Main scenario: long positions will be relevant from corrections above the level of 1.2353 with a target of 1.2920.
Alternative scenario:breakout and consolidation below the level of 1.2353 will allow the pair to continue declining to a level of 1.2057.
Analysis: Supposedly, a correction stopped developing within the 4-hour time frame, reaching a retracement level of 62% in the form of the wave 2 of (5) of senior level currently shaped like a plane. Apparently, the third wave 3 of senior level started forming now, with the first wave of junior level (i) developed and the correction (ii) completed inside. If the presumption is correct, the pair will logically continue to rise to a level of 1.2920. The level of 1.2353 is critical in this scenario as the breakout will enable the pair to continue declining to the level of 1.2057.
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