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.