2016-08-19 18:03:49

Estimated pivot point is at a level of 0.9645.

Our opinion: Sell the pair from correction below a level of 0.9645 with the targets at 0.9455 - 093.

Alternative scenario: Breakout and consolidation above the level of 0.9645 will allow the pair to continue rising to a level of 0.9840.

Analysis: Supposedly, a downtrend continues forming within the third wave (iii). Apparently, a descending impetus is developing locally as the third wave iii of (iii) of junior level. If the presumption is correct, the pair will continue to drop to levels 0.9455 – 0.93. The level 0.9645 is critical in this scenario.