Estimated pivot point is at the level of 1.2818. 

Analysis: Supposedly, the fifth wave 5 of senior level continues to form with the first counter-trend wave i of 5 developing within. Apparently, the fifth wave of junior level (v) of i is developing now. If this assumption is correct, the pair will continue declining 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 rising to a level of 1.2980. 

Our opinion: Sell the pair from corrections below the level of1.2818 with a target at 1.2460. Buy the pair with a target at 1.2980 in case the level 1.2818 is broken. 


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