Wave analysis and forecast for 14.04 – 21.04: Uptrend continues.

Estimated pivot point is at the level of 1.2365.

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Within this wave the wave c of 4 is being developed. Locally, it is likely that third wave (iii) of c is being developed. If this assumption is correct, the pair may continue to rise up to 1.2705. Critical level for this scenario is 1.2365.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2365 will trigger further decline in the pair to 1.2300.