2016-09-23 17:23:33

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 and the third wave iii of C is being developed, within which the one-two impetus is being formed (i). If this assumption is correct, the pair will continue to decline to the levels of 1.2824 - 1.2480. Critical level for this scenario is 1.3250.