2016-10-28 15:37:02

Estimated pivot point is at the level of 0.9997.

Our opinion: Sell the pair from correction below the level of 0.9997 with the target of 0.9836. In case of breakout of the level of 0.9997, buy with the target of 1.0072.

Alternative scenario: Breakout and consolidation of the price below the level of 0.9997 will trigger further rise in the pair to 1.0072.

Analysis: Presumably, the formation of the upward correction continues as the second wave of the senior level, within which the final wave с of 2 is being formed. Locally it seems that the formation of the third wave of (iii) has completed and correction as the fourth wave (iv) is been developed. If this assumption is correct, in the short-term the pair will fall to the level of 0.9836. Critical level for this scenario is 0.9997. In case of breakdown of this level the pair will rise up to 1.0072.