The pair remains likely to grow. Estimated pivot point is at a level of 108.38.
Main scenario: long positions should be considered from corrections above the level of 108.38 with a target of 111.00 – 112.35.
Alternative scenario: breakout and consolidation below the level of 108.38 will allow the pair to continue declining to the levels of 107.70 – 107.06.
Analysis: Supposedly, a large correction has been completed in the form of wave (B) of senior level and ascending wave (С) is starting to form on the daily time frame, with the first wave 1 of (C) developing inside. On the H4 time-frame, apparently, the first wave of junior level i of 1 of (С) has formed and local correction ii of 1 has finished developing. Apparently, the third wave iii of 1 is starting to develop on the H1 time frame, with wave (i) of iii forming inside. If the presumption is correct, the pair will continue to rise to the levels of 111.00 – 112.35. The level 108.38 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 107.70 – 107.06 as long as corrective wave ii of 1 continues forming.
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