2016-09-16 18:17:30

Estimated pivot point is at the level of 0.9789.

Our opinion: In the short-term: sell the pair below the level of 0.9789 with the target of 0.9650. In case of breakout of the level of 0.9789, sell with the target of 0.9884 – 0.9960.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9789 will trigger the rise in the pair up to 0.9884 – 0.9960.

Analysis: Presumably, the formation of the upward correction as the wave ii of the senior level continues. Within this wave the final wave (с) of ii is being formed. Locally it is likely that downward correction as the wave ii of (c) of the junior level is being developed. If this assumption is correct, the pair may continue to rise up to 0.9884 – 0.9962. Critical level for this scenario is 0.9533.