2016-10-07 17:29:01

Estimated pivot point is at the level of 0.9730.

Our opinion: Buy the pair from correction above the level of 0.9730 with the target of 0.9960 – 1.0.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9730 will trigger the decline in the pair to 0.96 – 0.95.

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 third wave of (c) of the junior level is being developed. If this assumption is correct, the pair is likely to rise up to the level of 0.9962 – 1.0. Critical level for this scenario is 0.9730.