2016-09-02 17:30:18

Estimated pivot point is at a level of 107.34.

Our opinion: Sell the pair with a target at 0.99 – 0.98 once a level of 102.98 is broken down.

Alternative scenario: Breakout and consolidation above the level of 107.34 will allow the pair to continue the rise up to the levels of 110.00 – 111.00.

Analysis: Supposedly, the fifth wave continues to develop as a diagonal triangle within a wave A. Apparently, the third wave of junior level (iii) of v of A is forming locally, with an upward correction in the form of a wave b of (iii) completed within, supposedly. If the presumption is correct, the pair will continue to decline to the levels 99.00 – 98.00. The level 107.34 is critical in this scenario.