Estimated pivot point is at the level of 1.2749. 

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 continues to form locally, with a bullish impetus developing inside. If the presumption is correct, the pair will continue to rise to levels 1.3050 – 1.3150. The level 1.2749 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 1.2749 will allow the pair to continue declining to a level of 1.2570. 

Our opinion: Buy the pair from corrections above the level of 1.2749 with a target of 1.3050 – 1.3150. 

 




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