Estimated pivot point is at a level of 1.2448.
Main scenario: long positions will be relevant above the level of 1.2448 with a target of 1.2780 – 1.2930.
Alternative scenario:breakout and consolidation below the level of 1.2448 will allow the pair to continue declining to a level of 1.2330.
Analysis: Supposedly, the first wave i continues forming within the fifth wave (5) of senior level within the 4-hour time frame. Apparently, a downward correction (ii) has just finished. If the presumption is correct, the pair will continue growing to the levels 1.2780 – 1.2930 within the third wave (iii). The level 1.2448 is critical in this scenario.
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