2016-09-16 18:21:06

Estimated pivot point is at the level of 1.3250.

Our opinion: Sell the pair from correction below the level of 1.3250 with the target of 1.2824.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3250 will trigger further rise in the pair up to 1.3320.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally, it seems that the upward correction as the wave (ii) has completed. If this assumption is correct, the pair will start to decline to the levels of 1.2824 - 1.2480 in the third wave. Critical level for this scenario is 1.3250.