Estimated pivot point is at the level of 1.3060.

Our opinion: Buy the pair from correction above the level of 1.3060 with the target of 1.35.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3060 will enable the pair to continue decline to 1.2864 or further down.

Analysis: Presumably, the formation of the correction, as the wave 2 continues. Locally, it is likely that the wave c of 2 is being formed, within which the third wave (iii) has been formed and the correction as the fourth wave (iv) has completed. If this assumption is correct the pair can rise up to 1.35. Critical level for this scenario is 1.3060.



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