Estimated pivot point is at the level of 1.3600.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the upward correction, as the wave ii of C, is nearing completion. Within this wave a zigzag (a)(b)(c) is being formed with the extending wave (c). If this assumption is correct, the pair can decline to 1.3300 – 1.3240. Critical level for this scenario is 1.3600. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.3600 will trigger further rise in the pair up to 1.3700. 

Our opinion: Sell the pair below the level of 1.3600 with the target of 1.3300 – 1.3240. 




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