2016-10-07 17:24:14

Estimated pivot point is at the level of 1.1233.

Our opinion: Sell the pair from correction below the level of 1.1233 with the target of 1.1014 – 1.0914.

Alternative scenario:Breakout and consolidation of the price above the level of 1.1233 may trigger further rise in the pair up to 1.1324 – 1.14.

Analysis:Presumably, the formation of the wave c of 2 continues as the bearish correction of the senior level. Locally it is likely that the third wave (iii) is being developed. If this assumption is correct, the pair may continue to decline to 1.1014 – 1.0914. Critical level for this scenario is 1.1233.