2016-08-12 17:40:09

Estimated pivot point is at the level of 1.1046

Our opinion: Buy the pair from correction above the level of 1.1046 with the target of 1.1345.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1046 may trigger further decline in the pair to 1.09 - 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, the local correction as the wave (b) has completed and the wave (c) is being developed. If this assumption is correct, the pair may continue to rise up to 1.1345. Critical level for this scenario is 1.1046.