2016-07-22 18:44:35

Estimated pivot point is at the level of 104.50.

Our opinion: Buy the pair from correction above the level of 104.50 with the target of 109.00.

Alternative scenario: Breakout and consolidation of the price below the level of 104.50 will trigger further decline in the pair to 102.70 – 101.20.

Analysis: Presumably, the formation of the large upward correction continues as the wave B, in which one-two impetus of the junior level (i) has been formed. At the moment, it seems that the local correction, as the irregular plane (ii), is nearing completion. If this assumption is correct, after the completion of the correction the pair will continue to rise up to 109.00.