Estimated pivot point is at a level of 1.2152.
Main scenario: long positions will be relevant from corrections above the level of 1.2152 with a target of 1.2650.
Alternative scenario: breakout and consolidation above the level of 1.2152 will allow the pair to continue falling 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 downward correction iv of 5 of (1) has finished and the first wave of junior level (i) has been formed within the wave v of 5. If the presumption is correct, the pair will continue to rise to the level of 1.2650 once the correction (ii) has been completed. The level 1.2152 is critical in this scenario. Its breakout will allow the pair to continue declining to the level of 1.1915.
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Estimated pivot point is at a level of 1.3930.
Main scenario: short positions will be relevant from corrections below the level of 1.3930 with a target of 1.3680 – 1.3530.
Alternative scenario: breakout and consolidation above the level of 1.3930 will allow the pair to continue the rise up to the levels of 1.4146 – 1.4280.
Analysis: supposedly, a downward correction in the form of the fourth wave iv of 5 continues developing inside the first (1) wave of senior level within the 4-hour time frame. Apparently, the final wave (c) of iv is forming locally. If the assumption is correct, the pair will drop logically to the levels 1.3680 – 1.3530. The level 1.3930 is critical in this scenario.
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Estimated pivot point is at a level of 0.9356.
Main scenario: long positions will be relevant from corrections above the level of 0.9356 with a target of 0.9612 – 0.9710.
Alternative scenario: breakout and consolidation below the level of 0.0.9356 will allow the pair to continue declining to a level of 0.9270.
Analysis: Supposedly, an upward correction of senior level in the form of the wave 2 of (3) continues to develop within the 4-hour time frame. Apparently, the correction is currently shaped as the double zigzag wxy, with the wave y of 2 forming inside. If the presumption is correct, the pair will continue to rise to the levels 0.9612 – 0.9710. The level 0.9356 is critical in this scenario.
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Estimated pivot point is at a level of 105.40.
Main scenario: long positions will be relevant from corrections above the level of 105.40 with a target of 108.65 – 109.60.
Alternative scenario: breakout and consolidation below the level of 105.40 will allow the pair to continue declining to the levels of 104.50 – 103.50.
Analysis: Supposedly, a descending correction of senior level in a form of the wave B finished forming within the 4-hour time frame. Apparently, the wave (C) starts forming now, with the first wave of junior level (i) forming inside. If the presumption is correct, the pair will continue to rise to the levels 108.65 – 109.60. The level 105.40 is critical in this scenario.
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Estimated pivot point is at a level of 1.2852.
Main scenario: long positions will be relevant from corrections above the level of 1.2852 with a target of 1.3131.
Alternative scenario: breakout and consolidation below the level of 1.2852 will allow the pair to continue declining to the levels of 1.2808 – 1.2763.
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 in the form of an impetus, with the wave (iii) of iii of junior level finished and the local correction (iv) of iii developing within. If the presumption is correct, the pair will logically continue to rise to the level of 1.3131. The level 1.2852 may be critical in this scenario.
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