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.