The pair is still likely to grow. Estimated pivot point is at a level of 109.71.
Main scenario: long positions will be relevant above the level of 109.71 with a target of 113.00 – 114.00.
Alternative scenario: breakout and consolidation below the level of 109.71 will allow the pair to continue declining to the levels at 108.31 – 107.43.
Analysis: Supposedly, the wave of senior level (C) of B continues developing on the daily time frame, with the wave 2 of (C) formed inside. Supposedly, the first counter-trend wave of junior level i of 3 of (C) has been formed and the correction ii of 3 finished developing on the H4 time frame. Apparently, the wave iii of 3 started developing on the H1 time frame, with the wave of junior level (i) of iii formed inside. If the presumption is correct, after correction (ii) of iii, the pair will continue to rise to the levels of 113.00 – 114.00. The level 109.71 is critical in this scenario.
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