2016-08-12 17:47:32

Estimated pivot point is at the level of 100.86.

Our opinion: Buy the pair from correction above the level of 100.86 with the target of 109.00.

Alternative scenario: Breakout and consolidation of the price below the level of 100.86 will trigger further decline in the pair to 99.00 – 98.00.

Analysis: Presumably, the formation of the large upward correction continues as the wave B, in which one-two impetus of the junior level (i) has been formed. At the moment, it seems that the local correction (ii) has completed and the third wave (iii) is being formed. If this assumption is correct, the pair will continue to rise up to 109.00. Critical level for this scenario is 100.86.