Estimated pivot point is at a level of 1.3022.
Main scenario: long positions will be relevant above the level of 1.3022 with a target of 1.3660 and higher.
Alternative scenario: breakout and consolidation below the level of 1.3022 will allow the pair to continue declining to a level of 1.2760.
Analysis: The third wave 3 of senior level supposedly continues developing within the 4-hour frame, with the wave iii of 3 developing inside. Apparently, a downward correction of junior level (ii) of iii is completed locally. If the presumption is correct, the pair will resume growing to the levels of 1.3660 – 1.4000. The level 1.3022 is critical in this scenario.
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