Estimated pivot point is at the level of 1.3308. 

Analysis: Presumably, on the four-hour chart the ascending correction of senior level as a wave B has finished forming. Apparently, the fifth wave C has started to form locally with a descending impetus as the first wave of junior level i of C developing within. If the presumption is correct, the pair will continue to fall to a level 1.2964. The level of 1.3308 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 1.3308 will allow the pair to continue rising to the level of 1.3560. 

Our opinion: Sell the pair from correction below the level of 1.3308 with a target of 1.2964. 

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