Estimated pivot point is at the level of 1.2842. 

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues, within which the wave c of 4 is being developed. At the moment, it is likely that the fifth final wave (v) is being developed, within which the pair can rise up to 1.3100 – 1.3150. Critical level for this scenario is 1.2842. 

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2842 will trigger further decline in the pair to 1.2748. 

Our opinion: Buy the pair from correction above the level of 1.2842 with the target of 1.3100 – 1.3150. 

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