Estimated pivot point is at a level of 1.2915.

Main scenario: short positions will be relevant from corrections below the level of 1.2915 with a target of 1.2590 – 1.2488.

Alternative scenario: breakout and consolidation above the level of  1.2915 will allow the pair to continue rising to a level of 1.3100.

Analysis: Supposedly, a correction continues to develop within the 4-hour time frame in the form of the wave 2 of (5) currently shaped like a plane. Apparently, the wave b of 2 has finished forming as an expanding horizontal triangle and a wave c of 2 has started developing, with an impetus in the form of a wave (i) of junior level forming inside.  If the presumption is correct, the pair will continue to drop to the levels 1.2590 – 1.2488. The level 1.2915 is critical in this scenario.