2016-08-12 17:45:39

Estimated pivot point is at the level of 0.9842.

Our opinion: Sell the pair from correction below the level of 0.9842 with the target of 0.9455.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9842 will trigger further rise up to 1.0 – 1.0100.

Analysis: Presumably, the formation of the downward impetus I has been formed in the third wave (iii). Locally, it is assumed that the upward correction ii of (iii) has completed and the third wave iii of (iii) is being formed. If this assumption is correct the pair can continue to decline to 0.9510 – 0.93. Critical level for this scenario is 0.9842.