Estimated pivot point is at the level of 1.3307.
Our opinion:Buy the pair from correction above the level of 1.3307 with the target of 1.4160 – 1.4350.
Alternative scenario: Breakout and consolidation of the price below the level of 1.3307 will trigger the decline in the pair to the level of 1.31 – 1.30.
Analysis: Presumably, the formation of the upward wave of the senior level (4) has completed. Locally it is likely that the fifth wave (5) is being developed, within which the first wave 1 of (5) has completed. If this assumption is correct, in the short-term upward correction can reach 1.4160 – 1.4350 in the wave 2 of (5) and after than the pair will continue to decline. In case of breakout of the level of 1.5026, downtrend will cease.