Estimated pivot point is at the level of 1.3096.

Our opinion: Buy the pair from correction above the level of 1.3096 with the target of 1.3888 – 1.4156.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3096 may trigger further decline to 1.2256.

Analysis: Presumably, the formation of the upward correction continues as the wave 2 in the shape of a zigzag (a)(b)(c). It is assumed that locally, the wave (c) of 2 is being developed. If this assumption is correct, the pair will continue to rise up to 1.3888 – 1.4156. Critical level for this scenario is 1.3096. Breakout of this level will trigger further decline in the pair.



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