Estimated pivot point is at the level of 1.2655.

Our opinion:Buy the pair from correction above the level of 1.2655 with the target of 1.3294.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2655 will trigger further decline to 1.24 – 1.23.
Analysis: Presumably, the formation of the upward correction continues in the wave B of the senior level. At the moment, it seems that the wave с of B is being developed, within which one-two wave (i) has been formed. If this assumption is correct, after the completion of the correction (ii) the pair may continue to rise to the level of 1.3294 within the wave c of B. Critical level for this scenario is 1.2655.



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