Estimated pivot point is at a level of 1.2274.
Main scenario: long positions will be relevant from corrections above the level of 1.2274 with a target of 1.2650 – 1.2700.
Alternative scenario:Breakout and consolidation below the level of 1.2274 will allow the pair to continue declining to the levels of 1.2125 – 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, the fifth wave of junior level v of 5 is forming now. If this assumption is correct, the pair will continue to rise to 1.2650 – 1.2700. The level 1.2274 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels 1.2125 – 1.2020.
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Estimated pivot point is at a level of 1.3760.
Main scenario: long positions will be relevant from corrections above the level of 1.3760 with a target of 1.4400 – 1.4500.
Alternative scenario: breakout and consolidation below the level of 1.3760 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, the fifth wave of junior level v of 5 of (1) is forming locally. If the presumption is correct, the pair may continue growing to the levels 1.4400 – 1.4500. The level 1.3760 is critical in this scenario.
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Estimated pivot point is at a level of 0.9375.
Main scenario: short positions will be relevant from corrections below the level of 0.9375 with a target of 0.9050.
Alternative scenario:Breakdown and consolidation above the level of 0.9375 will allow the pair to continue the rise up to the levels of 0.9615 – 0.9842.
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, the fifth wave v of 1 is now developing locally. If this assumption is correct, the pair will continue to drop to 0.9050. The level 0.9375 is critical in this scenario.
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Estimated pivot point is at a level of 108.20.
Main scenario: short positions will be relevant from corrections below the level of 108.20 with a target of 103.50 – 102.50.
Alternative scenario:Breakout and consolidation below the level of 108.20 will allow the pair to continue rising to a level of 113.40.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (B) continues to form within the daily frame. Apparently, a bearish impetus is now developing in the wave С of (B), with the third wave iii of C of junior level nearing completion within. If the presumption is correct, the pair will continue to drop to the levels 103.50 – 102.50 after correction iv of C. The level 108.20 is critical in this scenario.
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Estimated pivot point is at a level of 1.2420.
Main scenario: long positions will be relevant above the level of 1.2420 with a target of 1.2685 – 1.2820.
Alternative scenario:breakout and consolidation below the level of 1.2420 will allow the pair to continue declining to a level of 1.2255.
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 in the form of wave 1 of 3 has been formed and a descending correction ii of 3 is nearing completion. If the presumption is correct, the pair will logically resume rising to the levels 1.2685 – 1.2820. The level 1.2420 may be critical in this scenario.
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