Estimated pivot point is at the level of 1.2702.

Our opinion: Sell the pair from correction below the level of 1.2702 with the target of 1.2248 – 1.1984.

Alternative scenario: Breakout and consolidation of the price above the level of 1.27021 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 formation of the upward correction as the wave ii of 5 has completed and the minor one-two impetus has been formed. If this assumption is correct, the pair may continue to decline to 1.2248 – 1.1984. Critical level for this scenario is 1.2702.



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