Wave analysis and forecast for 14.04 – 21.04: The decline in the pair is likely to continue.

Estimated pivot point is at the level of 1.0089.

Analysis: Presumably, the formation of the third wave 3 of the senior level continues. Locally it seems that the one-two impetus as the wave (i) has been formed and the downward correction (ii) is being developed. If this assumption is correct, the pair may decline to the level of 0.9960 – 0.9925 in the second wave (ii). Critical level for this scenario is 1.0089.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0089 will trigger rise in the pair up to 1.0160.