Uptrend prevails. Growth is likely to continue.
Estimated pivot point is at the level of 1.6210.
Our opinion: Buy the pair above the level of 1.6210 with the target of 1.66 - 1.6750.
Alternative scenario: Breakdown of the level of 1.6210 will enable the pair to continue corrective decline to the levels of 1.61 – 1.60.
Analysis: Presumably, the third wave of the uptrend of the higher level is being formed. Locally downward correction as the wave 2 of iii is nearing completion. If this assumption is true, the pair will continue to grow, not breaking the crucial level of 1.6210