Estimated pivot point is at the level of 1.3432. 

Analysis: Presumably, on the four-hour chart uptrend continues in the wave с of B of the senior level. Locally, it is likely that the downward correction as the fourth wave (iv) has completed and the first one-two wave of the junior level i of (v) is being developed. If this assumption is correct, the pair can continue to rise to the level of 1.3650 – 1.3800. Critical level for this scenario is 1.3432. Breakout of this level will trigger further decline to 1.3300 – 1.3220. 

Alternative scenario: Breakout and consolidation of the price below the level of 1.3432 will trigger further decline in price to 1.3300 – 1.3220. 

Our opinion: Buy the pair from correction above the level of 1.3432 with the target of 1.3650 – 1.3800. In case of breakdown at the level of 1.3432, sell with the target of 1.3300 – 1.3220. 

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