2016-09-02 17:24:36

Estimated pivot point is at a level of 1.3060.

Our opinion: Buy the pair from corrections above the level of 1.3060 with a target of 1.3400 – 1.35.

Alternative scenario: Breakout and consolidation below the level of 1.3060 will allow the pair to continue declining to a level of 1.2864 and lower.

Analysis: Supposedly, a correction continues to form as a wave 2. Apparently, a wave с of 2 is forming locally, with the third wave (iii), supposedly, forming within. If the presumption is correct, the pair will logically continue to rise to the levels 1.3400 – 1.35. The level 1.3060 is critical in this scenario.