Estimated pivot point is at a level of 1.3543.

Main scenario: short positions will be relevant from corrections below the level of 1.3543 with a target of 1.3218 – 1.3030.

Alternative scenario: Breakout and consolidation above the level of 1.3543 will allow the pair to continue rising to a level of 1.3657.

Analysis: Supposedly, an ascending correction in the form of the wave В of (2) of senior level has stopped forming within the 4-hour time frame. Apparently, the wave C of (2) has started developing locally, with the wedge-shaped wave i of C formed and an ascending correction in the form of the wave ii of C developing inside. If the assumption is correct, the pair will continue falling to the levels 1.3218 – 1.3030 once the correction is over. The level 1.3543 is critical in this scenario.