Estimated pivot point is at the level of 1.2705.

Our opinion:Sell the pair from correction below the level of 1.2705 with the target of 1.2380 – 1.20.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2705 will trigger further rise in the pair up to 1.2830.

Analysis: Presumably, the formation of the upward correction as the fourth wave of the senior level has completed. At the moment it seems that the fifth wave is being developed, within which downward impetus as the first wave of the junior level is being developed. If this assumption is correct, the pair will continue to decline to 1.2380 – 1.20. Critical level for this scenario is 1.2705.



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