Estimated pivot point is at the level of 1.2767.
Our opinion: Buy the pair from correction above the level of 1.2767 with the target of 1.33.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2767 will enable the pair to continue decline to 1.2450.
Analysis: Presumably, the formation of the downward impetus has completed in the wave А. At the moment it is likely that upward correction as the wave B is being developed, within which the wave a of B is being formed. If this assumption is correct and the price does not break out the critical level of 1.2767, the price can continue to rise up to 1.33 – 1.3540 – 1.38.