2016-09-30 16:54:31

Estimated pivot point is at the level of 0.9533.

Our opinion: Buy the pair on the breakdown and above the level of 0.9735 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 continues as the second wave ii of the senior level within which 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 has completed. If this assumption is correct, after its completion the pair is likely to rise up to 0.9880 – 0.9960 in the third wave iii. Critical level for this scenario is 0.9533.