Estimated pivot point is at the level of 1.3425. 

Analysis: Presumably, on the four-hour chart uptrend continues in the wave с of B of senior level. Locally, it is likely that the downward correction as the fourth wave (iv) has completed and the fifth wave (v) is developing, within which the third wave of junior level iii of (v) is forming. If this assumption is correct, the pair can continue falling to the levels of 1.3650 – 1.3800. The level 1.3425 is critical in this scenario. 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 1.3425 will allow the pair to continue declining to the levels of 1.3300 – 1.3220. 

Our opinion: Buy the pair from correction above the level of 1.3425 with the target of 1.3650 – 1.3800. In case of breakdown at the level of 1.3425, sell with the target of 1.3300 – 1.3220. 

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