Estimated pivot point is at the level of 1.2760.

Our opinion: In the medium-term: sell the pair from correction below the level of 1.2760 with the target of 1.19 – 1.12.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2760 will enable the pair to continue the rise up to 1.30 – 1.32.

Analysis: Presumably, the formation of the long-term bearish impetus (3) is being developed on the weekly and daily timeframes. Locally, it is likely that the downward impetus of the junior level as the third wave (iii) of iii (3) is being formed. If this assumption is correct, in the medium-term the pair may continue to decline to the level of 1.12. Critical level for this scenario is 1.2760.



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