Estimated pivot point is at the level of 1.2328.
Our opinion: In the medium-term: sell the pair from correction below the level of 1.2328 with the target of 1.19 – 1.16
Alternative scenario: Breakout and consolidation of the price above the level of 1.2328 will trigger the rise in the pair up to 1.2765.
Analysis: Presumably, the formation of the long-term bearish impetus (3) continues on the weekly and daily timeframes. Locally, it is likely that the downward impetus is being developed as the third wave (iii) is being developed in the third wave of the senior level 3. If this assumption is correct, in the medium-term the pair may continue to decline to the level of 1.19 – 1.16. Critical level for this scenario is 1.2328.