Estimated pivot point is at the level of 1.2233.
Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Within this wave the wave b of 4 has completed. Locally, it it likely that one-two first wave (i) is being developed. If this assumption is correct, the pair may continue to rise up to 1.2476 – 1.2705. Critical level for this scenario is 1.2100.
Alternative scenario: Breakout and consolidation of the price below the level of 1.2233 will trigger further decline in the pair to 1.2100.
Our opinion: Buy the pair from correction above the level of 1.2233 with the target of 1.2476 – 1.2705.