Estimated pivot point is at a level of 1.2474
Main scenario: short positions will be relevant from corrections below the level of 1.2474 with a target of 1.2135.
Alternative scenario:breakout and consolidation above the level of 1.2474 will allow the pair to continue rising to a level of 1.2650.
Analysis: Supposedly, an ascending impetus continues to form inside the first wave of senior level (1) within the 4-hour time frame. Apparently, a downward correction in the form of the fourth wave iv of 5 is developing now, with the wave c of iv forming within. If this assumption is correct, the pair will go on dropping to the level of 1.2135. The level of 1.2474 is critical in this scenario. Its breakout will allow the pair to continue rising to the level of 1.2650.
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Estimated pivot point is at a level of 1.3960.
Main scenario: long positions will be relevant from corrections above the level of 1.3960 with a target of 1.4350 – 1.4450.
Alternative scenario: breakout and consolidation below the level of 1.3960 will allow the pair to continue declining to a level of 1.3780.
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 a downward correction (iv) of v completed within. If the presumption is correct, the pair will logically continue to rise to the levels 1.4350 – 1.4450. The level 1.3960 is critical in this scenario.
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Estimated pivot point is at a level of 0.9428.
Main scenario: long positions will be relevant from corrections above the level of 0.9428 with a target of 0.9710.
Alternative scenario:breakout and consolidation below the level of 0.9428 will allow the pair to continue declining to a level of 0.9180.
Analysis: supposedly, an ascending correction in the form of the wave 2 of (3) of senior level continues developing within the 4-hour time frame. Apparently, the wave c of 2 started forming, with a correction of junior level (ii) of c forming inside. If the presumption is correct, the pair will logically continue to rise to the level of 0.9710 after the correction comes to an end. The level 0.9428 is critical in this scenario.
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Estimated pivot point is at a level of 104.54.
Main scenario: long positions will be relevant from corrections above the level of 104.54 with a target of 103.50.
Alternative scenario:breakout and consolidation below the level of 104.54 will allow the pair to continue declining to a level of 103.50.
Analysis: Supposedly, a descending impetus in the form of the wave C stopped forming as part of the correction (B) of senior level within the 4-hour time frame. Apparently, the first counter-trend wave of junior level (i) is forming now, within the wave C. If the presumption is correct, the pair will continue to rise to levels 109.60 – 110.83. The level 104.54 is critical in this scenario.
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Estimated pivot point is at a level of 1.3009.
Main scenario: short positions will be relevant from corrections below the level of 1.3009 with a target of 1.2690 – 1.2586.
Alternative scenario:breakout and consolidation above the level of 1.3009 will allow the pair to continue rising to a level of 1.3126.
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 1.3009 is critical in this scenario.
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