Estimated pivot point is at a level of 1.2265.
Main scenario: long positions will be relevant from corrections above the level of 1.2265 with a target of 1.2600 – 1.2650.
Alternative scenario:Breakout and consolidation below the level of 1.2265 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 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 the presumption is correct, the pair will continue to rise to levels 1.2600 – 1.2650. The level 1.2265 is critical in this scenario.
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Estimated pivot point is at a level of 1.4085.
Main scenario: long positions will be relevant from corrections above the level of 1.4085 with a target of 1.4400 – 1.4500.
Alternative scenario: breakout and consolidation below the level of 1.4085 will allow the pair to continue declining to a level of 1.3913.
Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the third wave iii of 5 of junior level is forming locally, with an impetus developing inside. If the presumption is correct, the pair will continue to rise to levels 1.4400 – 1.4500. The level 1.4085 is critical in this scenario.
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Estimated pivot point is at a level of 0.9514.
Main scenario: short positions will be relevant from corrections below the level of 0.9514 with a target of 0.9220 and lower.
Alternative scenario:breakout and consolidation above the level of 0.9514 will allow the pair to continue rising to a level of 0.9845.
Analysis: Supposedly, a downward trend within the third wave of senior level (3) continues to develop within the 4-hour time frame. Apparently, the first wave 1 of (3) is forming now, with the wave iii of 1 of junior level developing within. If this assumption is correct, the pair will go on dropping to the level of 0.9220 and lower. The level 0.9514 is critical in this scenario.
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Estimated pivot point is at a level of 109.80.
Main scenario: short positions will be relevant from corrections below the level of 109.80 with a target of 108.20.
Alternative scenario:Breakout and consolidation above the level of 109.80 will allow the pair to continue the rise up to the levels of 111.48 – 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 this assumption is correct, the pair will go on dropping to the level of 108.20. The level 109.80 is critical in this scenario.
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Estimated pivot point is at a level of 1.2487.
Main scenario: short positions will be relevant from corrections below the level of 1.2487 with a target of 1.2220.
Alternative scenario:Breakout and consolidation above the level of 1.2487 will allow the pair to continue rising to a level of 1.2600 and higher.
Analysis: Supposedly, a descending correction continues to develop within the 4-hour time frame in a form of the wave 2 of (5). Apparently, the wave c of 2 is forming now, with a local correction of junor level (iv) of c forming inside. If the presumption is correct, the pair will continue to fall to a level of 1.2220 once the correction has been completed. The level 1.2487 is critical in this scenario.
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