Estimated pivot point is at the level of 1.2818. 

Analysis: Presumably, the ascending impetus within the wave c of 4 of senior level has finished forming and the fifth wave 5 has started to develop. Apparently, at this moment the first wave i of 5 is developing with an ascending correction of junior level (iv) completed inside. If the presumption is correct, the pair will continue to decline to a level of 1.2460. The level 1.2818 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 1.2818 will allow the pair to continue growing to a level of 1.2980. 

Our opinion: Sell the pair from corrections below the level of 1.2818 with a target of 1.2460. Buy the pair with a target at 1.2980 in case the level 1.2818 is broken. 

 




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