Estimated pivot point is at a level of 1.2980.

Our opinion:Buy the pair from corrections above the level of 1.2980 with the target of 1.3350 – 1.3475.

Alternative scenario: Breakout and consolidation below the level of 1.2980 will allow the pair to continue declining to the levels of 1.28 – 1.27 and further.

Analysis: The pair has stopped declining and, apparently, a correction is going on in a form of the wave 2. Apparently, an ascending impetus is forming in a form of the wave c of 2, with the third wave of junior level (iii) forming within. If the presumption is correct, the pair will logically continue to rise to the levels 1.3350 – 1.3475. The level 1.2980 is critical in this scenario.



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