2016-08-19 18:15:53

Estimated pivot point is at a level of 1.2916.

Our opinion: Sell the pair from correction below a level of 1.2916 with a target at 1.27 – 1.26.

Alternative scenario: Breakout and consolidation above the level of 1.2916 will allow the pair to continue rising to a level of 1.32.

Analysis: Supposedly, the wave C of senior level continues to form. Apparently, the first wave of junior level i of C is forming locally, with the third wave (iii) of i of C ending within. If the assumption is correct, the pair will continue declining to a level of 1.26 after the correction (iv). The level 1.1534 is critical in this scenario.