Estimated pivot point is at a level of 1.2960.

Our opinion: Buy the pair from a correction above a level of 1.2960 with a target of 1.32 – 1.33.

Alternative scenario: Breakout and consolidation below the level of 1.2960 will allow the pair to continue declining to a level of 1.2820.

Analysis: Supposedly, an upward correction of senior level continues to develop as a wave B that takes the form of a triple pattern wxyxz. The final wave z of B appears to be forming locally, with a wave (a) of junior level developing within. If the presumption is correct, the pair will continue to rise to the levels 1.32 – 1.33. The level 1.2960 is critical in this scenario.



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