2016-09-09 18:23:54

Estimated pivot point is at the level of 1.3144.

Our opinion: Sell the pair from correction below the level of 1.3144 with the target of 1.2480.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3144 will trigger further rise in the pair up to 1.3320.

Analysis: Presumably, the formation of the upward correction of the senior level as the wave B. Locally, it seems that the third wave of the junior level is being developed (iii), within which an impetus as the third wave i of (iii) has been formed and the correction as the second wave ii is being formed. If this assumption is correct, after correction the pair may continue to decline to 1.2480. Critical level for this scenario is 1.3144.