Estimated pivot point is at a level of 1.2852.

Main scenario: long positions will be relevant from corrections above the level of 1.2852 with a target of 1.3131.

Alternative scenario: breakout and consolidation below the level of 1.2852 will allow the pair to continue declining to the levels of 1.2808 – 1.2763.

Analysis: Supposedly, the third wave of senior level 3 of (5) continues to develop within the 4-hour time frame. Apparently, the third wave iii of 3 is forming now in the form of an impetus, with the wave (iii) of iii of junior level finished and the local correction (iv) of iii developing within. If the presumption is correct, the pair will logically continue to rise to the level of 1.3131. The level 1.2852 may be critical in this scenario.

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