2016-07-22 18:43:36

Estimated pivot point is at the level of 0.9955.

Our opinion: Wait until the formation of the wave v of c of ii is completed and then sell the pair below the level of 0.9955 with the target of 0.9510 – 0.93.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9955 will trigger further rise up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the upward correction is nearing completion as the second wave (ii) having a shape of a zigzag. Locally, it is assumed that the final diagonal triangle is being developed in the wave с of (ii). If this assumption is correct, the pair may start to decline to 0.9510 – 0.93 in the third wave (iii). Critical level for this scenario is 0.9955. Breakout of this level will trigger further rise in the pair.