Estimated pivot point is at the level of 1.2972.
Analysis: Presumably, the upward impetus in the wave c of 4 of senior level has finished forming. At the moment, it is likely that the fifth wave 5 has started to form, within which the first wave of junior level I of 5 is forming. If this assumption is correct, the pair will continue declining to the levels of 1.2570 – 1.2460. The 1.2972is critical for this scenario.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.2972 will allow the pair to continue growing to the level of 1.3100 – 1.3150.
Our opinion: Sell the pair from correction below the level of 1.2972 with the target of 1.2570 – 1.2460. In case of breakdown of the level of 1.2972, buy with the target of 1.3100 – 1.3150.