2016-07-15 14:01:45

Estimated pivot point is at the level of 0.9893.

Our opinion: Sell the pair from correction below the level of 0.9893 with the target of 0.9510 – 0.93.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9893 may trigger further rise up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the third wave iii of the senior level continues. Currently, it seems that upward correction as the wave (ii), which has a shape of a zigzag abc, has completed. If this assumption is correct the pair can fall to 0.9510 – 0.93 in the third wave (iii). Critical level for this scenario is 0.9893. Breakout of this level will trigger further rise in price.