Estimated pivot point is at the level of 1.2396.

Our opinion: Buy the pair from correction above the level of 1.2396 with the target of 1.2612.

Alternative scenario: Breakout and consolidation of the price below the level of 1.2396 will trigger further decline to 1.2077.

Analysis: Presumably, the formation of the third wave of the senior level has completed. At the moment it seems that the upward correction as the fourth wave 4 has developed, within which the bullish impetus is being formed in the wave a of 4. If this assumption is correct, the pair may rise up to 1.2612. Critical level for this scenario is 1.2396.



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