Estimated pivot point is at the level of 1.2270.
Our opinion: In the medium-term: sell the pair from correction below the level of 1.2270 with the target of 1.1880 – 1.1680.
Alternative scenario: Breakout and consolidation of the price above the level of 1.2870 will trigger the rise in the pair up to 1.2525.
Analysis: Presumably, the formation of the third wave of the senior level continues. At the moment it seems that the fifth wave of the junior level is being developed. If this assumption is correct, the pair will continue to decline to 1.1880 – 1.1680. Critical level for this scenario is 1.2270.