2016-08-05 17:04:42

Estimated pivot point is at the level of 1.3372.

Our opinion: Sell the pair from correction below the level of 1.3372 with the target of 1.2780 - 1.2260.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3372 may trigger further rise up to 1.3638.

Analysis: Presumably, the formation of the upward correction, as the wave 2 has completed. Locally, it is likely that the third wave of the senior level has been formed. Within this wave one-two impetus as the first wave is being developed. If this assumption is correct in the medium-term the pair can continue to decline to 1.2780 – 1.2250. Critical level for this scenario is 1.3372. Breakout of this level will trigger further rise in the pair as part of the correction.