Estimated pivot point is at the level of 1.2353.

Our opinion: Buy the pair from correction above the level of 1.2353 with the target of 1.2640 – 1.2770.

Alternative scenario: Breakout and consolidation of the price below the level of 1.2353 will trigger further decline to 1.2077.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level continues. At the moment it seems that the “bullish” impetus as the fourth wave a of 4 is being formed, within which the local correction (iv) has completed and the fifth wave (v) is being developed. If this assumption is correct, the pair will continue to rise up to 1.2640. Critical level for this scenario is 1.2353.



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