2016-10-28 15:39:18

Estimated pivot point is at the level of 103.99.

Our opinion: Buy the pair from correction above the level of 103.99 with the target of 107.13. In case of breakdown of the level of 103.99, sell with the target of 102.00.

Alternative scenario: Breakdown and consolidation of the price below the level of 103.99 will trigger further decline in the pair up to 102.00.

Analysis: Presumably, the formation of the upward impetus has completed as part of the upward correction (В) of the senior level. . Locally, it is likely that the third wave is being formed iii of A of (B). If this assumption is correct, the pair will continue to rise up to 107.13. Critical level for this scenario is 103.99.