2016-07-29 17:31:10

Estimated pivot point is at the level of 1.0960.

Our opinion:Buy the pair from correction above the level of 1.0960 with the target of 1.1163 – 1.14.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0960 may trigger the decline in the pair to 1.08.

Analysis:Presumably, the formation of the downward correction of the senior level continues, as the wave 2. It is assumed that within this wave the first wave a of 2, which took a shape of a wedge, has just completed. It seems that currently upward correction as the wave b of 2, is being formed. If this assumption is correct, the pair may continue to rise up to 1.1160 – 1.14. Critical level for this scenario is 1.0960.