Estimated pivot point is at the level of 1.3450. 

Analysis: Presumably, the formation of the third wave of the senior level iii of C continues, within which upward correction as the wave (ii) has completed. Locally, it is likely that the first wave of the junior level i of (iii) has been formed. If this assumption is correct, after the completion of the upward correction ii of (iii), the pair can continue to decline to 1.3150. Critical level for this scenario is 1.3450. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.3450 will trigger further rise in the pair up to 1.3532. 

Our opinion: Sell the pair from correction below the level of 1.3450 with the target of 1.3150. In case of breakdown of the level of 1.3450, buy with the target of 1.3532. 




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