2016-09-23 17:14:03

Estimated pivot point is at the level of 0.9533.

Our opinion: Buy the pair from correction above the level of 0.9533 with the target of 0.9880 – 0.9960.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9533 will trigger the decline in the pair to 0.94 – 0.93.

Analysis: Presumably, the formation of the upward correction as the second wave ii of the senior level continues. Within this wave the final wave (с) of ii is being formed. Locally it seems that the downward correction as the wave ii of (c) of the junior level is nearing completion. If this assumption is correct, after its completion the pair is likely to rise up to 0.9880 – 0.9960. Critical level for this scenario is 0.9533.