Wave analysis and forecast for 14.04 – 21.04: Downtrend continues. Locally, the pair is undergoing correction.

Estimated pivot point is at the level of 1.0565.

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues. It seems that the first wave i of 5 in the shape of a zigzag has been formed, which indicates that a diagonal triangle as the fifth wave may be formed. Locally, the upward correction ii of 5 is being developed. If this assumption is correct, upward correction in the pair can go up to 1.0735. Critical level for this scenario is 1.0565.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0565 may trigger further decline in the pair to 1.0450.