Estimated pivot point is at a level of 1.2210.
Main scenario: long positions will be relevant above the level of 1.2210 with a target of 1.2540 – 1.2650.
Alternative scenario:Breakout and consolidation below the level of 1.2210 will allow the pair to continue declining to the levels of 1.2150 – 1.2020.
Analysis: Supposedly, the fifth wave 5 continues forming within the first wave 1 of senior level within the 4-hour time frame. Apparently, a downward correction in the form of wave iv of 5 has finished locally and the fifth wave v of 5 has started forming. If the presumption is correct, the pair will logically rise to the levels 1.2540 – 1.2650. The level of 1.2210 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels 1.2150 – 1.2020.
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Estimated pivot point is at a level of 1.3835.
Main scenario: long positions will be relevant from corrections above the level of 1.3835 with a target of 1.4400 – 1.4500.
Alternative scenario: breakout and consolidation below the level of 1.3835 will allow the pair to continue declining to a level of 1.3480.
Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, a downward correction in the form of the fourth wave iv of 5 of (1)has finished forming. If the presumption is correct, the pair may continue growing to the levels of 1.4400 – 1.4500 as part of the wave v of 5. The level 1.3835 is critical in this scenario.
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Estimated pivot point is at a level of 0.9528.
Main scenario: short positions will be relevant with a target of 0.9120 once correction has finished below the level of 0.9528.
Alternative scenario:Breakout and consolidation above the level of 0.9528 will allow the pair to continue rising to a level of 0.9615 – 0.9700.
Analysis: Supposedly, a downward trend within the first wave of senior level 1 of (3) continues to develop within the 4-hour time frame. Apparently, a local correction is now forming as the fourth wave iv of 1. If this assumption is correct, the pair will continue declining to a level of 1.0950 once the correction is over. The level 0.9528 may be critical in this scenario.
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Estimated pivot point is at a level of 108.25.
Main scenario: long positions will be relevant from corrections above the level of 108.25 with a target of 111.48.
Alternative scenario:Breakout and consolidation below the level of 108.25 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 of senior level started forming now, with the first counter-trend wave of junior level (i) developed and the correction (ii) completed inside. If this assumption is correct, the pair will go on growing to the level of 111.48. The level 108.25 is critical in this scenario.
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Estimated pivot point is at a level of 1.2630.
Main scenario: short positions will be relevant from corrections below the level of 1.2630 with a target of 1.2480 – 1.2435.
Alternative scenario:breakout and consolidation above the level of 1.2630 will allow the pair to continue the rise up to the levels of 1.2715 - 12920.
Analysis: Supposedly, a descending correction of senior level in the form of the wave 2 of (5) finished developing within the 4-hour time frame. Apparently, a counter-trend impetus has been formed as the wave i of 3. If the presumption is correct, the pair may be expected to drop to the levels of 1.2480 – 1.2435 as part of the correction wave ii of 3. The level 1.2630 may be critical in this scenario.
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