Estimated pivot point is at the level of 1.2667.
Our opinion: Sell the pair from correction below the level of 1.2667 with the target of 1.2248 – 1.1984.
Alternative scenario: Breakout and consolidation of the price above the level of 1.2667 will trigger further rise in the pair to 1.28 – 1.29.
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 been formed and the upward correction as the wave ii of 5 is being developed, within which the zigzag (a)(b)(с) has been formed. If this assumption is correct, the pair may continue to decline to 1.2248 – 1.1984 in the third wave iii of 5 (b). Critical level for this scenario is 1.2667.