Estimated pivot point is at the level of 1.3526.

Our opinion: Sell the pair from correction below the level of 1.3526 with the target of 1.30.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3526 will trigger further rise in the pair to 1.37.

Analysis: Presumably, the formation of the long-term correction has completed as the wave B of the senior level in the shape of the triple three wxyxz. Locally it is likely that the first wave (i) is being formed, within which the third wave of the junior level iii of (i) is nearing completion. If this assumption is correct,after the completion of the correction iv, the pair may continue to decline to 1.30. Critical level for this scenario is 1.3526.



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