Estimated pivot point is at a level of 1.2963.

Our opinion: Sell the pair from correction below a level of 1.2963 with a target at 1.27 – 1.26.

Alternative scenario: Breakout and consolidation above the level of 1.2963 will allow the pair to continue rising to a level of 1.32.

Analysis: Supposedly, the wave C of senior level continues to form. Apparently, the first wave of junior level i of C is forming locally, with the fourth wave (iv) of i of C completed and the fifth wave starting within. If this assumption is correct, the pair will go on declining to a level of 1.26. The level 1.2963 is critical in this scenario.



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