2016-10-07 17:31:44

Estimated pivot point is at the level of 102.84.

Our opinion: Buy the pair from correction above the level of 102.84 with the target of 105.12.

Alternative scenario: Breakdown and consolidation of the price below the level of 102.84 will trigger further decline in the pair to 102.44 – 102.04.

Analysis: Presumably, the formation of the long-term bearish impetus on the daily chart has completed as a clipping of the fifth wave. Locally, it is likely that the one-two impetus as the first wave is being formed in the upward correction of the senior level. If this assumption is correct, the pair will continue to rise up to 105.12 – 109.00. Critical level for this scenario is 102.84.