2016-09-30 16:59:01

Estimated pivot point is at the level of 1.3274.

Our opinion: Sell the pair from correction below the level of 1.3274 with the target of 1.2980 – 1.2757.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3274 will trigger further rise in the pair up to 1.3320.

Analysis: Presumably, the formation of the long-term correction has completed as the wave B of the senior level, which took a pattern of the triple three wxyxz. Locally it is likely that the one-toe wave of the junior level is being formed. If this assumption is correct, the pair may decline to 1.2757 or further down. Critical level for this scenario is 1.3274.