2016-08-05 17:15:00

Estimated pivot point is at the level of 1.3147.

Our opinion: Sell the pair from correction below the level of 1.3147 with the target of 1.2858 – 1.2631.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3147 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. Locally, it seems that the wave C is being formed, within which the first wave (i) has developed as a diagonal. If this assumption is correct, the pair may continue to rise up to 1.2858 – 1.2631. Critical level for this scenario is 1.3147.