Estimated pivot point is at the level of 1.2417.
Our opinion: Sell the pair from correction below the level of 1.2417 with the target of 1.2204 – 1.1885.
Alternative scenario: Breakout and consolidation of the price above the level of 1.2417 will trigger further rise in the pair to 1.2540.
Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the first wave as the wedge i of 5, has formed and the upward correction as the wave ii of 5 is being developed, within which upward impetus has been formed (a) and the wave (b) is being developed. If this assumption is correct, the pair may continue to decline to 1.2204 within the wave (b). Critical level for this scenario is 1.2417.