2016-10-21 16:35:08

Estimated pivot point is at the level of 1.2347.

Our opinion: In the medium-term: sell the pair from correction below the level of 1.2347 with the target of 1.1880 – 1.1680.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2347 will trigger the rise in the pair up to 1.2525.

Analysis: Presumably, the formation of the third wave of the senior level continues. At the moment it seems that the local correction has completed as the fourth wave. If this assumption is correct, the pair will continue to decline to 1.1880 – 1.1680 in the fifth wave. Critical level for this scenario is 1.2347.