2016-07-29 17:41:50

Estimated pivot point is at the level of 1.3243.

Our opinion:Sell the pair from correction below the level of 1.3243 with the target of 1.2858.

Alternative scenario:Breakdown and consolidation of the price above the level of 1.3243 will trigger further rise in the pair up to 1.33 – 1.34, or higher.

Analysis: Presumably, the formation of the upward correction has completed in the wave B of the senior level, which has a shape double three wxy. Locally, it seems that one-two impetus of the junior level has formed. If this assumption is correct, the pair may go down to the level of 1.2858. Critical level for this scenario is 1.3243.