Estimated pivot point is at a level of 1.3336.
Main scenario: short positions will be relevant from corrections below the level of 1.3336 with a target of 1.2810.
Alternative scenario: breakout and consolidation above the level of 1.3336 will allow the pair to continue rising to a level of 1.3660.
Analysis: The first wave (1) of senior level is supposed to have finished forming within the 4-hour time frame. Supposedly, a downward correction (2) is forming at the moment. Apparently, the wave С of (2) is developing locally. If this assumption is correct, the pair will continue to drop to 1.2810. The level 1.3336 is critical in this scenario.
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