Estimated pivot point is at the level of 1.2365.
Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Within this wave the wave c of 4 is being developed. Locally, it is likely that third wave (iii) of c is being developed. If this assumption is correct, the pair may continue to rise up to 1.2705. Critical level for this scenario is 1.2365.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2365 will trigger further decline in the pair to 1.2300.
Our opinion: Buy the pair from correction above the level of 1.2365 with the target of 1.2705.