2016-07-29 17:36:47

Estimated pivot point is at the level of 0.9955.

Our opinion: Sell the pair from correction 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 has completed as the second wave (ii), which took a shape of a zigzag. Locally, it is assumed that the diagonal triangle has been developed in the wave с of (ii) and one-two impetus i of (iii) has been formed. If this assumption is correct, the pair can continue to decline to 0.9510 in the third wave (iii).