Pivot point: (1.29662).
The preferred scenario: Entering long positions above the level of 1.29662 points, placing the $1.32196 as an initial price target, followed by 1.34361 points as a second target.
Alternative scenario: In the event the price drops below the 1.27651 point level, it is possible to enter into short deals with $1.26000 as an initial price target.
Comment:
The pair started forming the first wave cycle in the form of a rising wedge, followed by a minor triple correction, and therefore we expect the breach of 1.29662 on the daily chart to enter a cycle. New wave It is expected that it will be a five-wave impulse and its place will be the third wave of the larger degree. Therefore, we recommend opening buying positions above the level of 1.29662 points to target 1.32662 points as an initial price target, followed by 1.34361 points as a second target. In the event of a decline below the level of 1.27651 points, the previous analysis is canceled and the next support level becomes 1.26000 points.
