Estimated pivot point is at the level of 1.3014.
Analysis: Presumably, the formation of the upward correction in the wave c of 4 of the senior level has completed. At the moment, it is likely that the formation of the fifth wave (5) has started, within which the first one-two wave (i) is being developed. If this assumption is correct, the pair will continue to decline to the levels of 1.2748 – 1.2670. Critical level for this scenario is 1.3014.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.3014 will trigger further rise in the pair up to 1.3100 – 1.3200.
Our opinion: Sell the pair from correction below the level of 1.3014 with the target of 1.2748 – 1.2670. After breakdown of the level of 1.3014, buy with the target of 1.3100 – 1.3200.