Estimated pivot point is at the level of 1.3100.
Our opinion: Sell the pair from correction below the level of 1.3100 with the target of 1.2809.
Alternative scenario: Breakout and consolidation of the price above the level of 1.3100 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 the third wave of the junior level (iii) is being formed. If this assumption is correct, the pair may continue to decline to 1.2809. Critical level for this scenario is 1.3100. After breaking out this level, the pair will continue to rise up to 1.3240 – 1.3310 in the deep correction.