Estimated pivot point is at the level of 1.3038.
Analysis: Presumably, the formation of the upward impetus 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) is ongoing, within which the first one-two wave (i) has been formed and upward correction is being developed (ii). If this assumption is correct, after the completion of the correction, the pair will continue to decline to the levels of 1.2683 – 1.2570. Critical level for this scenario is 1.3038.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.3038 will trigger further rise in the pair up to 1.3100 – 1.3150.
Our opinion: Sell the pair from correction below the level of 1.3038 with the target of 1.2683 – 1.2570. In case of breakdown of the level of 1.3038, buy with the target of 1.3100 – 1.3150.