The correction of the pair is nearing completion, growth remains possible. Estimated pivot point is at a level of 1.0993.
Main scenario: long positions will be relevant from corrections above the level of 1.0993 with a target of 1.1281 – 1.1403.
Alternative scenario: Breakout and consolidation below the level of 1.0993 will allow the pair to continue declining to the levels of 1.0940 – 1.0880.
Analysis: Supposedly, a descending correction of senior level in the form of the second wave 2 finished developing on the daily time frame as a zigzag, with wave (С) of 2 formed inside. Supposedly, the third wave 3 is starting to develop on the H4 time frame with the first counter-trend wave of junior level i of 1 of (1) of 3 formed inside. Apparently, the downward correction is nearing completion in the form of wave ii of 1 on the H1 time frame. If this assumption is correct, the pair will continue to rise to the levels 1.1281 – 1.1403 once the correction’s over. The level 1.0993 is critical in this scenario.
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