2016-11-04 14:33:47

Estimated pivot point is at the level of 1.3360.

Our opinion: Buy the pair from correction above the level of 1.3360 with the target of 1.35. In case of breakdown and consolidation below the level of 1.3360, sell with the target of 1.32.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.3360 will trigger further decline in the pair to 1.32 as part of the deep correction.

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 has completed. If this assumption is correct, the pair may continue to rise up to 1.33. Critical level for this scenario is 1.3360.