Estimated pivot point is at the level of 1.3383.
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 has completed and the third wave iii of C is being developed, within which the first wave of the junior level (i) is being formed. If this assumption is correct, the pair can decline to 1.3238 – 1.3053. Critical level for this scenario is 1.3383.
Alternative scenario: Breakout and consolidation of the price above the level of 1.3383 will trigger further rise in the pair up to 1.3430 – 1.3540.
Our opinion: Sell the pair from correction below the level of 1.3383 with the target of 1.3238 – 1.3053.