Estimated pivot point is at the level of 1.0705. 

Analysis: Presumably, the formation of the fifth wave 5 of the senior level continues. It seems that the one-two impetus (i) of the junior level has formed and the local correction as the wave (ii) is being developed taking a shape of a irregular plane. If this assumption is correct, after the completion of the correction the pair may continue to decline to 1.0550. Critical level for this scenario is 1.0705. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.0705 may trigger further rise in the pair to 1.0744 - 1.0776. 

Our opinion: Sell the pair from correction above the level of 1.0705 with the target of 1.0550. 

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