Correction is completed, the probability of growth of the pair remains. Estimated pivot point is at the level of 0.9691
Main scenario: “long positions” are relevant from corrections above the level of 0.9691 with the target in 1.0099 – 1.0229.
Alternative scenario: breakout and consolidation below the level of 0.9691 will allow the pair to continue to decrease to the level of 0.9556.
Analysis: within the daily timeframe, it is assumed that the development of the third wave of the senior level (3) continues, as part of which the first wave in the wedge shape 1 of (3) is formed. On the 4-hour timeframe, the development of a downward correction as a wave 2 of (3) has completed. Within the hour timeframe, it seems that the formation of the third wave 3 of (3) begins, which includes the first wave of the junior level (i) of i of 3. If the assumption is correct, then after the correction (ii) of i completes the pair will continue to grow to 1.0099 – 1.0229. The critical level for this scenario is 0.9691, in the case of the breakout of which the pair will continue to decrease within the wave 2 of (3).
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