2016-11-04 14:35:46

Estimated pivot point is at the level of 102.52.

Our opinion: Buy the pair from correction above the level of 102.52 with the target of 105.60 – 107.13.

Alternative scenario: Breakdown and consolidation of the price below the level of 102.52 will trigger further decline in the pair up to 102.00.

Analysis: Presumably, the formation of the upward correction (B) of the senior level continues. Locally, it is likely that the one-two impetus as the first wave has been formed and the correction ii of A of (B) has completed. If this assumption is correct, the pair may go up to 105.06 - 107.13. Critical level for this scenario is 102.52.