Estimated pivot point is at the level of 1.2332.
Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Locally, it seems that the wave (c) of b of 4 is being developed. If this assumption is correct, the pair may continue to decline to 1.2190 in the short-term. Critical level for this scenario is 1.2332. Breakdown of this level may trigger the rise in the pair up to 1.2562 in the wave с of 4.
Alternative scenario: Breakout and consolidation of the price above the level of 1.2332 will trigger further rise in the pair to 1.2562.
Our opinion: Sell the pair from correction below the level of 1.2332 with the target of 1.2190.