Estimated pivot point is at a level of 1.2256.
Main scenario: long positions will be relevant from corrections above the level of 1.2256 with a target of 1.2404 – 1.2440.
Alternative scenario: Breakout and consolidation below the level of 1.2256 will allow the pair to continue declining to the levels of 1.2173 – 1.2050.
Analysis: The first wave 1 of senior level is supposed to have finished forming within the 4-hour time frame. Supposedly, a downward correction 2 is forming at the moment. Apparently, a counter-trend impetus has been formed as wave i of A. If the presumption is correct, the pair will logically grow to the levels 1.2404 – 1.2440 as part of the correction wave ii of A. The level 1.2256 is critical in this scenario as its breakout will enable the pair to continue falling to 1.2173 – 1.2050.
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Estimated pivot point is at a level of 1.3857.
Main scenario: long positions will be relevant from corrections above the level of 1.3857 with a target of 1.4343 – 1.4400.
Alternative scenario: breakout and consolidation below the level of 1.3857 will allow the pair to continue declining to a level of 1.3701.
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 is forming locally, with the second correction wave (ii) of v of junior level finished inside. If the presumption is correct, the pair will logically continue to rise to the levels 1.4343 – 1.4400. The level 1.3857 is critical in this scenario.
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Estimated pivot point is at a level of 0.9187.
Main scenario: long positions will be relevant from corrections above the level of 0.9187 with a target of 0.9509 – 0.9612.
Alternative scenario: breakout and consolidation below the level of 0.0.9187 will allow the pair to continue declining to a level of 0.9050.
Analysis: Supposedly, the first wave of senior level 1 of (3) finished developing within the 4-hour time frame. Apparently, an ascending correction is forming now as the wave 2 of (3), with the wave a of 2 formed within. If the presumption is correct, the pair will continue to rise to the levels 0.9509 – 0.9612. The level 0.9187 is critical in this scenario.
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Estimated pivot point is at a level of 105.50.
Main scenario: long positions will be relevant from corrections above the level of 105.50 with a target of 110.45 – 111.30.
Alternative scenario: breakout and consolidation below the level of 105.50 will allow the pair to continue declining to a level of 103.50.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (В) finished forming within the 4-hour time frame. Apparently, a counter-trend impetus of junior level has been formed as the wave (i) of i within the wave (С) that has just begun. If the presumption is correct, the pair will logically continue to rise to the levels 110.45 – 111.30. The level 105.50 is critical in this scenario.
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Estimated pivot point is at a level of 1.2758.
Main scenario: short positions will be relevant below the level of 1.2758 with a target of 1.2605 – 1.2569.
Alternative scenario: breakout and consolidation above the level of 1.2758 will allow the pair to continue rising to a level of 1.2922.
Analysis: Supposedly, the third wave of senior level 3 of (5) continues to develop within the 4-hour time frame. Apparently, the third wave iii of 3 is forming now, with the first wave of junior level (i) of iii formed inside. If the presumption is correct, the pair will drop under correction to the levels 1.2605 – 1.2569 as part of the wave (ii) of iii. The level of 1.2758 may be critical in this scenario as the breakout will enable the pair to continue growing under an ascending trend.
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