2016-08-05 17:02:05

Estimated pivot point is at the level of 1.0950.

Our opinion: Buy the pair from correction above the level of 1.0950 with the target of 1.1345.

Alternative scenario: Breakout and consolidation of the price below the level of 1.0950 may trigger further decline in the pair to 1.08.

Analysis: Presumably, the formation of the upward correction as the wave b of 2 continues. It seems that within this wave the impetus as the wave (a) has been formed and the local correction as the wave (b) is being developed. If this assumption is correct, the pair may continue to rise up to 1.1345. Critical level for this scenario is 1.0960.