2016-08-12 17:50:01

Estimated pivot point is at the level of 1.3198.

Our opinion: Sell the pair from correction below the level of 1.3198 with the target of 1.2843 – 1.26.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3198 will trigger further rise in the pair up to 1.3356.

Analysis: Presumably, the formation of the upward correction, as the wave B of the senior level has completed. Locally, it seems that the wave C is being formed, within which the third wave of the junior level (iii) of i of C is being developed. If this assumption is correct, the pair may continue to decline to 1.2843 – 1.26. Critical level for this scenario is 1.3198.