Estimated pivot point is at a level of 1.2540.
Main scenario: short positions will be relevant below the level of 1.2540 with a target of 1.2340 – 1.2220.
Alternative scenario:breakout and consolidation above the level of 1.2540 will allow the pair to continue the rise up to the levels of 1.2650 – 1.2700.
Analysis: Supposedly, the fifth wave 5 continues forming within the first wave 1 of senior level within the 4-hour time frame. Apparently, the third wave iii of 5 of junior level has been formed and a downward correction is developing now in the form of the wave iv of 5. If the presumption is correct, the pair will continue to drop to the levels 1.2340 – 1.2220. The level of 1.2540 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels 1.2650 – 1.2700.
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Estimated pivot point is at a level of 1.3981.
Main scenario: long positions will be relevant from corrections above the level of 1.3981 with a target of 1.4400 – 1.4500.
Alternative scenario: breakout and consolidation below the level of 1.3981 will allow the pair to continue declining to a level of 1.3810.
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 the wave (v) of iii developing inside. If the presumption is correct, the pair will continue to rise to levels 1.4400 – 1.4500. The level 1.3981 is critical in this scenario.
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Estimated pivot point is at a level of 0.9389.
Main scenario: short positions will be relevant from corrections below the level of 0.9389 with a target of 0.9120 and lower.
Alternative scenario:breakout and consolidation above the level of 0.9389 will allow the pair to continue rising to a level of 0.9640.
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 0.9120 and lower. The level 0.9389 is critical in this scenario.
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Estimated pivot point is at a level of 108.30.
Main scenario: long positions will be relevant from corrections above the level of 108.30 with a target of 111.48.
Alternative scenario:Breakout and consolidation below the level of 108.30 will allow the pair to continue declining to a level of 107.30.
Analysis: Supposedly, a descending correction in the form of the wave 2 of senior level finished developing within the 4-hour time frame. Apparently, the wave 3 started forming now, with the first counter-trend wave of junior level (i) forming inside. If this assumption is correct, the pair will go on growing to the level of 111.48. The level 108.30 is critical in this scenario.
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Estimated pivot point is at a level of 1.2332.
Main scenario: short positions will be relevant from corrections below the level of 1.2332 with a target of 1.2220 – 1.2180.
Alternative scenario:breakout and consolidation above the level of 1.2332 will allow the pair to continue rising to a level of 1.2600.
Analysis: Supposedly, a descending correction of senior level in the form of the wave 2 of (5) continues to develop within the 4-hour time frame. Apparently, the wave c of 2 is forming now, with the fifth wave of junior level (v) of c forming inside. If the presumption is correct, the pair will continue to drop to the levels 1.2220 – 1.2180. The level 1.2332 is critical in this scenario.
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