Estimated pivot point is at a level of 1.1813.
Main scenario: short positions will be relevant from corrections below the level of 1.1813 with a target of 1.1650.
Alternative scenario: breakout and consolidation above the level of 1.1813 will allow the pair to continue rising to a level of 1.1938.
Analysis: Supposedly, a descending correction in the form of the wave (2) continues developing in the 4-hour time frame, with an ascending correction in the form of the wave B completed and the wave C developing inside. Apparently, the first wave of junior level i of C is developing locally. If the assumption is correct, the pair may be expected to continue falling to the level of 1.1650. The level 1.1816 is critical in this scenario.
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Estimated pivot point is at a level of 1.3552.
Main scenario: short positions will be relevant below the level of 1.3552 with a target of 1.3218 – 1.3030.
Alternative scenario: Breakout and consolidation above the level of 1.3552 will allow the pair to continue rising to a level of 1.3657.
Analysis: Supposedly, an ascending correction in the form of the wave B of senior level has stopped forming within the 4-hour time frame. Apparently, the wave C has started developing locally, with the first wave of junior level i of C formed and the correction ii of C nearing completion inside. If the assumption is correct, the pair will continue falling to the levels 1.3218 – 1.3030. The level 1.3552 is critical in this scenario.
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Estimated pivot point is at a level of 0.9862.
Main scenario: long positions will be relevant from corrections above the level of 0.9862 with a target of 1.0035.
Alternative scenario: breakout and consolidation below the level of 0.9862 will allow the pair to continue declining to a level of 0.9765.
Analysis: upposedly, an ascending correction in the form of the wave (2) of senior level continues developing within the 4-hour time frame. Apparently, the first wave С of (2) is forming locally, with the first wave of junior level i of C developing inside. If the presumption is correct, the pair may be expected to continue rising to the level of 1.0035. The level 0.9862 is critical in this scenario.
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Estimated pivot point is at a level of 111.98.
Main scenario: long positions will be relevant above the level of 111.98 with a target of 114.50 – 114.95.
Alternative scenario: Breakout and consolidation below the level of 111.98 will allow the pair to continue declining to a level of 110.16.
Analysis: Supposedly, the wave C of senior level continues to develop in the 4-hour time frame, with the wave 3 of C forming inside. Apparently, the first wave of junior level i of 3 is developing at the moment, with the wave (iii) forming inside.If the presumption is correct, the pair will continue to rise to the levels of 114.50 – 114.95. The level 111.98 is critical in this scenario.
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Estimated pivot point is at a level of 1.2908.
Main scenario: short positions will be relevant below the level of 1.2908 with a target of 1.2577.
Alternative scenario: breakout and consolidation above the level of 1.2908 will allow the pair to continue rising to a level of 1.3000.
Analysis: supposedly, a descending correction continues to develop within the 4-hour time frame in the form of the wave 2 of (5). Apparently, an upward correction of junior level in the form of the fourth wave iv of C has finished forming locally. If the assumption is correct, the pair will continue falling to the levels of 1.2577. The level 1.2908 is critical in this scenario.
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