Estimated pivot point is at a level of 1.1917.
Main scenario: long positions will be relevant from corrections above the level of 1.1917 with a target of 1.2230 – 1.2300.
Alternative scenario:Breakout and consolidation below the level of 1.1917 will allow the pair to continue declining to the levels of 1.1718 – 1.1556.
Analysis: Supposedly, the fifth wave 5 continues forming as a diagonal triangle within the first wave 1 of senior level within the 4-hour time frame. Apparently, a downward correction in a form of wave iv of 5 has finished locally and the final fifth wave v of 5 has started forming. If the presumption is correct, the pair will continue to rise to levels 1.2230 – 1.2300. The level 1.1917 is critical in this scenario.
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Estimated pivot point is at a level of 1.3457.
Main scenario: long positions will be relevant from corrections above the level of 1.3457 with a target of 1.3657 – 1.3700.
Alternative scenario: Breakout and consolidation below the level of 1.3457 will allow the pair to continue declining to the levels of 1.3327 – 1.3298.
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 of junior level is forming locally, with a correction in the form of the wave (iv) of v finished inside If the presumption is correct, the pair will continue to rise to the levels 1.3657 – 1.3700 within the wave (v) of v. The level 1.3457 is critical in this scenario.
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Estimated pivot point is at a level of 0.9843.
Main scenario: short positions will be relevant below the level of 0.9843 with a target of 0.9655.
Alternative scenario:Breakdown and consolidation above the level of 0.9843 will allow the pair to continue the rise up to the levels of 0.9915 – 0.9983.
Analysis: Supposedly, a descending correction of senior level in the form of the wave B continues to form within the 4-hour time frame. Apparently, the wave (c) of ii is developing at the moment, with the wave (v) of c forming inside. If this assumption is correct, the pair will go on dropping to the level of 0.9655. The level 0.9843 is critical in this scenario.
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Estimated pivot point is at a level of 111.87.
Main scenario: short positions will be relevant from corrections below the level of 111.87 with a target of 110.13.
Alternative scenario:breakout and consolidation above the level of 111.87 will allow the pair to continue rising to a level of 113.40.
Analysis: Supposedly, a descending correction in the form of the wave 2 of senior level continues developing within the 4-hour time frame. Apparently, the wave c of 2 is now developing locally. If this assumption is correct, the pair will continue to drop to 110.13. The level 111.87 may be critical in this scenario.
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Estimated pivot point is at a level of 1.2353.
Main scenario: long positions will be relevant from corrections above the level of 1.2353 with a target of 1.2920.
Alternative scenario:breakout and consolidation below the level of 1.2353 will allow the pair to continue declining to a level of 1.2057.
Analysis: Supposedly, a correction stopped developing within the 4-hour time frame, reaching a retracement level of 62% in the form of the wave 2 of (5) of senior level currently shaped like a plane. Apparently, the third wave 3 of senior level started forming now, with a counter-trend impetus of junior level developing inside. If the presumption is correct, the pair will logically continue to rise to a level of 1.2920. The level of 1.2353 is critical in this scenario as the breakout will enable the pair to continue declining to the level of 1.2057.
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