2016-10-21 17:33:53

Estimated pivot point is at the level of 1.3306.

Our opinion: Sell the pair from correction below the level of 1.3306 with the target of 1.2819.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3306 will trigger further rise in the pair up to 1.34 – 1.35.

Analysis: Presumably, the formation of the long-term correction has completed as the wave B of the senior level, which takes a shape of the triple three wxyxz. Locally it is likely that the one-two impetus i of the junior level has been formed and correction ii. If this assumption is correct, the pair will continue to decline to 1.2819 or further down. Critical level for this scenario is 1.3306.