Estimated pivot point is at the level of 1.2930. 

Analysis: A downward impetus is supposed to continue developing inside the wave C of senior level within the 4-hour time frame. Apparently, the third wave iii of C is forming locally, with the wave structure extending within. If this assumption is correct, the pair will go on dropping to the level of 1.2430. The level 1.2930 is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 1.2930 will allow the pair to continue rising to a level of 1.3345. 

Our opinion: Sell the pair from corrections below the level of1.2930 with a target at 1.2430. 

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