Estimated pivot point is at the level of 1.3377.

Our opinion: Buy the pair from correction above the level of 1.3377 with the target of 1.3673. In case of breakdown and consolidation of the price below the level of 1.3377, sell with the target of 1.3255.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.3377 will trigger further decline in the pair to 1.3255.

Analysis: Presumably, the formation of the long-term correction continues as the wave B of the senior level in the shape of the triple three wxyxz. Locally it is likely that the wave (c) of z is nearing completion. Within this wave the fifth wave v of (c) of the final diagonal triangle is being formed. If this assumption is correct, the pair may continue to rise up to 1.3673. Critical level for this scenario is 1.3377.



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