2016-10-28 15:41:20

Estimated pivot point is at the level of 1.3410.

Our opinion: Sell the pair from correction below the level of 1.3410 with the target of 1.32. In case of breakout and consolidation above the level of 1.3410, buy with the target of 1.35.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3410 will trigger further rise in the pair up to 1.35.

Analysis: Presumably, the formation of the long-term correction continues as the wave B of the senior level, which is taking a shape of the triple three wxyxz. Final wave z of B is being formed within this correction. Locally it is likely that the wave (c) of z is being developed, within which am impetus as the first wave i of (c) has been formed and the downward correction is expected. If this assumption is correct, in the short-term the pair will continue to decline to 1.32. Critical level for this scenario is 1.3410.