Estimated pivot point is at the level of 1.2511.

Our opinion: Sell the pair from correction below the level of 1.2511 with the target of 1.2311. In case of breakout of the level of 1.2511, buy with the target of 1.2763.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2511 will trigger further rise up to 1.2763.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level continues. At the moment it seems that the wave a of 4 has completed but downward correction in the wave b is being developed. If this assumption is correct, the pair will continue to decline to 1.2311. Critical level for this scenario is 1.2511.



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