Estimated pivot point is at a level of 0.9736.
Main scenario: long positions will be relevant above the level of 0.9736 with a target of 0.9977.
Alternative scenario: breakout and consolidation below the level of 0.9736 will allow the pair to continue declining to the levels at 0.9692 – 0.9655.
Analysis: supposedly, an ascending correction in the form of the wave (2) of senior level continues developing within the 4-hour time frame. Apparently, the first wave С of (2) is forming locally, with the downward correction of junior level i of C nearing completion in the form of the wave ii of C inside. If the presumption is correct, the pair may continue rising to the levels of 0.9977 – 1.0036 once the correction has finished. The level 0.9736 is critical in this scenario.
