2016-08-19 17:52:36

Estimated pivot point is at a level of 1.1368.

Our opinion: Sell the pair from correction below a level of 1.1368 with a target at 1.1126 – 1.1040.

Alternative scenario: Breakout and consolidation above the level of 1.1368 will allow the pair to continue the rise up to the levels of 1.15 - 1.16.

Analysis: Apparently, an upward correction in a form of wave b of 2 has finished forming, with a zigzag (a)(b)(c) formed within. Supposedly, a reversal is forming locally. If the assumption is correct, the pair will continue growing to levels 1.1126 – 1.1140. The level 1.1368 is critical in this scenario.