Estimated pivot point is at the level of 1.2704. 

Analysis: Presumably, an ascending correction of senior level continues to form as the fourth wave 4, with the wave c of 4 developing within. Apparently, the third wave (iii) of c continue to form locally, with a bullish impetus developing inside. If the presumption is correct, the pair will continue to rise to the levels 1.2950 – 1.3050. The level 1.2704 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 1.2704 will allow the pair to continue declining to a level of 1.2350. 

Our opinion: Buy the pair from correction above the level of 1.2704 with a target of 1.2950 – 1.3050. 

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