Estimated pivot point is at a level of 1.2555.

Our opinion: Buy the pair from corrections above the level of 1.2555 with a target at 1.2763.

Alternative scenario: Breakout and consolidation below the level of 1.2555 will allow the pair to continue declining to the levels of 1.24 – 1.23.

Analysis: Supposedly, an upward correction continues to form as the fourth wave of senior level. Apparently, an impetus as the third wave (iii) of c of 4 is developing at the moment. If this assumption is correct, the pair will go on growing to the level of 1.2763. The level of 1.2555 is critical in this scenario.



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