2016-08-26 17:20:24

Estimated pivot point is at a level of 0.9842.

Our opinion: Sell the pair from correction below the level of 0.9842 with the targets at 0.9455 - 093.

Alternative scenario: Breakout and consolidation above the level of 0.9842 will allow the pair to continue rising to a level of 0.9950.

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, with the wave structure supposedly extending within. If the presumption is correct, the pair will continue to drop to levels 0.9455 – 0.93. The level 0.9842 is critical in this scenario.