Estimated pivot point is at the level of 1.3665. 

Analysis: Presumably, upward continues in the wave с of B of the senior level. Locally, it is likely that the downward correction is being formed as the fourth wave (iv), within which the wave с of (iv) of the zogzag abc is being developed. If this assumption is correct, the pair can continue to decline to the level of 1.3504. Critical level for this scenario is 1.3665. If the price breaks down this level, the rise can continue up to the level of 1.3800. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.3668 will trigger further rise in the pair up to 1.3800. 

Our opinion: Sell the pair from correction below the level of 1.3665 with the target of 1.3504. In case of breakdown of the level of 1.3665, buy with the target of 1.3800. 

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