Estimated pivot point is at the level of 1.2131.
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 has completed. If this assumption is correct, the pair may resume growth up to 1.2300 – 1.2476. Critical level for this scenario is 1.2131. Breakdown of this level may trigger further decline in the pair up to 1.1989.
Alternative scenario: Breakout and consolidation of the price below the level of 1.2131 will trigger further decline in the pair to 1.1989.
Our opinion: Sell the pair from correction above the level of 1.2131 with the target of 1.2300 – 1.2476.