Estimated pivot point is at a level of 1.0520.
Our opinion: In the short-term: sell the pair below the level of 1.0987 with the target of 1.0730. In the medium-term: wait for the completion of the correction and buy the pair above the level of 1.0520 with the target of 1.15.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0520 will allow the pair to continue decline to 1.0450 – 1.04.
Analysis: Presumably, the formation of the local correction continues as the second wave ii of 3. Locally it seems that the wave (c) of 2 has started to develop. If this assumption is correct, in the short-term the pair will continue to decline to the level of 1.0730.
Our opinion: In the short-term: sell the pair below the level of 1.0987 with the target of 1.0730. In the medium-term: wait for the completion of the correction and buy the pair above the level of 1.0520 with the target of 1.15.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0520 will allow the pair to continue decline to 1.0450 – 1.04.
Analysis: Presumably, the formation of the local correction continues as the second wave ii of 3. Locally it seems that the wave (c) of 2 has started to develop. If this assumption is correct, in the short-term the pair will continue to decline to the level of 1.0730.
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