Estimated pivot point is at the level of 1.3380.
Analysis: Apparently, a long-term ascending correction within the wave B continues to form. Presumably, the wave c of B is developing locally, with the third wave of junior level (iii) forming within. If the presumption is correct, the pair will continue to rise to the levels 1.3560 – 1.38. The level of 1.3380 may be critical in this scenario as the breakout will enable the pair to continue declining to the level of 1.3220.
Alternative scenario: Breakout and consolidation below the level of 1.3380 will allow the pair to continue declining to the level of 1.3220.
Our opinion: Buy the pair from correction above the level of 1.3380 with a target of 1.3560 – 1.38. Sell the pair with a target at 1.3220 in case the level 1.3380 is broken.