Estimated pivot point is at the level of 1.3160.
Our opinion: Sell the pair from correction below the level of 1.3160 with the target of 1.3018.
Alternative scenario: Breakout and consolidation of the price above the level of 1.3160 will trigger further rise in the pair up to 1.3240 – 1.3310.
Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the upward correction ii of C has been developed and the third wave iii of C is being formed, within which impetus (i) is being developed. If this assumption is correct, the pair may continue to decline to 1.3180 – 1.3018. Critical level for this scenario is 1.3160. After breaking out this level, the pair will continue to rise up to 1.3240 – 1.3310.