Estimated pivot point is at the level of 1.2800. 

Analysis: The fifth wave 5 of senior level is supposed to continue forming within the 4-hour time frame. Apparently, a descending correction ii of 5, shaped as a zigzag (a)(b)(c), is now completed, and the third wave iii of 5 has started developing. If the presumption is correct, the pair will continue to rise to levels 1.3150 – 1.3350. The level 1.2800 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 1.2800 will allow the pair to continue declining to the levels of 1.2600 – 1.2550. 

Our opinion: Buy the pair from corrections above the level of 1.2800 with a target of 1.3150 – 1.3350. 

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