Estimated pivot point is at the level of 1.3294.

Our opinion: Sell the pair from correction below the level of 1.3294 with the target of 1.2809.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3294 will trigger further rise in the pair up to 1.3586.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the downward impetus as the first wave i of C is being formed, within which the third wave of the junior level (iii) of I is being developed. If this assumption is correct, the pair may continue to decline to 1.2809. Critical level for this scenario is 1.3294. After breaking out this level the pair will continue to rise up to 1.3586.



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