Estimated pivot point is at a level of 1.2214.
Main scenario: long positions will be relevant from corrections above the level of 1.2214 with a target of 1.2560 – 1.2650.
Alternative scenario:breakout and consolidation below the level of 1.2214 will allow the pair to continue rising to a level of 1.2040.
Analysis: supposedly, a horizontal correction in the form of the fourth wave iv of 5 continues developing inside the first (1) wave of senior level, which is triangle-shaped, within the 4-hour time frame. Apparently, the wave of junior level (d) of iv is forming now. If this assumption is correct, the pair will continue to rise to 1.2560 – 1.2650. The level 1.2214 is critical in this scenario.
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Estimated pivot point is at a level of 1.3964.
Main scenario: long positions will be relevant from corrections above the level of 1.3964 with a target of 1.4465 – 1.4635.
Alternative scenario: breakout and consolidation below the level of 1.3964 will allow the pair to continue declining to a level of 1.3710.
Analysis: Supposedly, the fifth wave v of 5 continues forming within the first wave (1) of senior level within the 4-hour time frame. Apparently, a downward correction in the form of the wave (ii) of v has finished locally and the third wave (iii) of v is developing at the moment. If the presumption is correct, the pair will continue to rise to levels 1.4350 – 1.4465. The level 1.3964 is critical in this scenario.
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Estimated pivot point is at a level of 0.9534.
Main scenario: long positions will be relevant from corrections above the level of 0.9534 with a target of 0.9710.
Alternative scenario:breakout and consolidation below the level of 0.9534 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 continues forming, with the wave (v) of c forming inside. If the presumption is correct, the pair will logically continue to rise to the level of 0.9710. The level 0.9534 is critical in this scenario.
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Estimated pivot point is at a level of 106.56.
Main scenario: long positions will be relevant from corrections above the level of 106.56 with a target of 108.40 – 109.60.
Alternative scenario:breakout and consolidation below the level of 106.56 will allow the pair to continue declining to a level of 104.58.
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 of (С) is forming now, with the wave (v) of i developing inside. If the presumption is correct, the pair will continue to rise to the levels 108.40 – 109.60. The level 106.56 is critical in this scenario.
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Estimated pivot point is at a level of 1.2680.
Main scenario: short positions will be relevant from corrections below the level of 1.2680 with a target of 1.2444.
Alternative scenario:breakout and consolidation above the level of 1.2680 will allow the pair to continue the rise up to the levels of 1.2939 – 1.3126.
Analysis: Supposedly, the third wave of senior level 3 of (5) continues to develop within the 4-hour time frame. Apparently, a downward correction in the form of the wave ii of 3 continues forming now, with the wave (c) of ii forming within. If this assumption is correct, the pair will go on dropping to the level of 1.2444. The level 1.2680 is critical in this scenario.
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