Estimated pivot point is at a level of 1.3560.

Our opinion: Sell the pair from corrections below the level of 1.3560 with a target at 1.30. In case of breakdown and consolidation above the level of 1.3560 buy the pair with a target at 1.37.

Alternative scenario: Breakout and consolidation above the level of 1.3560 will allow the pair to continue rising to the level of 1.37.

Analysis: Supposedly, the long-term correction has finished forming as a wave B of senior level, shaped like a triple three wxyxz. Apparently, the first wave (i) is forming locally with the third wave of junior level iii of (i) forming within. If this assumption is correct, the pair will go on dropping to a level of 1.30. The level of 1.3560 is critical in this scenario.



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