Wave analysis and forecast for 11.08 – 18.08: Downtrend continues.

Estimated pivot point is at the level of 0.9672.

Analysis: Supposedly, an ascending correction in a form of the fourth wave 4 of senior level that took a shape of an irregular plane finished forming within the 4 hour frame. Apparently, the first wave of junior level i of 5 is developing locally. If the presumption is correct, the pair may continue falling to the levels of 0.9500 – 0.9400. The level 0.9672 is critical in this scenario.

Alternative scenario: Breakout and consolidation above the level of 0.9672 will allow the pair to continue rising to a level of 0.9770.