Estimated pivot point is at the level of 1.2311.
Our opinion: Buy the pair from correction above the level of 1.2311 with the target of 1.2680 – 1.2763. In case of breakdown of the level of 1.2311, sell with the target of 1.2077.
Alternative scenario: Breakout and consolidation of the price below the level of 1.2311 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 correction as the wave b of 4 has completed and the one-two impetus has been formed in the wave c of 4. If this assumption is correct, the pair will continue to rise up to 1.2680 – 1.2763. Critical level for this scenario is 1.2311.