2016-08-26 17:14:24

Estimated pivot point is at a level of 1.1355.

Our opinion: Sell the pair from correction below a level of 1.1355 with a target at 1.1220 – 1.1126.

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, the first wave (i) is forming as a diagonal locally. If the assumption is correct, the pair will continue falling to levels 1.1220 – 1.1126. The level 1.1355 is critical in this scenario.