Estimated pivot point is at the level of 1.3057.

Our opinion: Sell the pair from correction below the level of 1.3057 with the target of 1.28.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3057 will enable the pair to continue the rise up to 1.32 – 1.34.

Analysis: Presumably, the formation of the third wave of the senior level continues. Locally, it is likely that the bearish impetus is developing, within which the correction as the fourth wave (iv) has completed and the fifth wave (v) is being developed. If this assumption is correct, the pair may continue to decline to the level of 1.28. Critical level for this scenario is 1.3057.



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