2016-09-23 17:16:04

Estimated pivot point is at the level of 102.77.

Our opinion: Sell the pair from correction below the level of 102.77 with the target of 98.90 – 95.00.

Alternative scenario:Breakout and consolidation of the price above the level of 102.77 will trigger the rise in the pair up to 104.00 – 105.00.

Analysis: Presumably, the formation of the third wave iii of 5 continues in the diagonal triangle. Locally, it is likely that the third wave of the junior level iii of (c) is being formed. If this assumption is correct, the pair will continue to decline to the levels of 98.90 – 98.00. Critical level for this scenario is 102.77.