Estimated pivot point is at a level of 1.2238.
Main scenario: long positions will be relevant from corrections above the level of 1.2238 with a target of 1.2560 – 1.2650.
Alternative scenario:breakout and consolidation below the level of 1.2238 will allow the pair to continue declining to a level of 1.1915.
Analysis: Supposedly, an ascending impetus continues to form inside the first wave of senior level (1) within the 4-hour time frame. Apparently, the fifth wave v of 5 is forming now, with a local correction of junior level (ii) of v completed and the wave (iii) of v starting to develop inside. If the presumption is correct, the pair will continue to rise to levels 1.2560 – 1.2650. The level 1.2238 is critical in this scenario. Its breakout will allow the pair to continue declining to a level of 1.1915.
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Estimated pivot point is at a level of 1.3982.
Main scenario: long positions will be relevant from corrections above the level of 1.3982 with a target of 1.4350 – 1.4450.
Alternative scenario: breakout and consolidation below the level of 1.3982 will allow the pair to continue declining to a level of 1.3710.
Analysis: supposedly, a downward correction in the form of the fourth wave iv of 5 finished developing inside the first (1) wave of senior level within the 4-hour time frame. Apparently, the fifth wave v of 5 is developing locally, with the wave (iii) of v forming within. If the presumption is correct, the pair will logically continue to rise to the levels 1.4350 – 1.4450. The level 1.3982 is critical in this scenario.
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Estimated pivot point is at a level of 0.9569.
Main scenario: short positions will be relevant from corrections below the level of 0.9569 with a target of 0.9335 – 0.9180.
Alternative scenario:breakout and consolidation above the level of 0.9569 will allow the pair to continue rising to a level of 0.9710.
Analysis: supposedly, an ascending correction in the form of the wave 2 of (3) of senior level has stopped developing within the 4-hour time frame. Apparently, the third wave 3 of (3) started forming now, with the first wave of junior level (i) forming inside. If the presumption is correct, the pair will logically drop to the levels 0.9335 – 0.9180. The level 0.9569 is critical in this scenario.
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Estimated pivot point is at a level of 106.62.
Main scenario: short positions will be relevant from corrections below the level of 106.62 with a target of 103.50.
Alternative scenario:breakout and consolidation above the level of 106.62 will allow the pair to continue the rise up to the levels of 108.65 – 109.60.
Analysis: Supposedly, a descending impetus in the form of the wave C continues forming as part of the correction (B) of senior level within the 4-hour time frame. Apparently, the fifth wave v of C is developing now, with the wave (iii) of v of junior level nearing completion within. If the presumption is correct, the pair will continue to fall to the level of 103.50 once the correction (iv) has been completed. The level 106.62 is critical in this scenario.
Estimated pivot point is at a level of 1.3124
Main scenario: short positions will be relevant from corrections below the level of 1.3124 with a target of 1.2690 – 1.2586.
Alternative scenario:breakout and consolidation above the level of 1.3124 will allow the pair to continue rising to a level of 1.3300.
Analysis: Supposedly, the third wave of senior level 3 of (5) continues to develop within the 4-hour time frame. Apparently, the first wave i of 3 has been formed as an impetus and a downward correction is developing now in the form of the wave ii of 3. If the presumption is correct, the pair will continue to drop to the levels 1.2690 – 1.2586. The level 1.3124 is critical in this scenario.
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