2016-11-04 14:36:57

Estimated pivot point is at the level of 0.9690.

Our opinion: Buy the pair from correction above the level of 0.9690 with the target of 1.0 – 1.0072.

Alternative scenario: Breakout and consolidation of the price below the level of 0.96900 will trigger further decline in the pair to 0.96 – 0.95.

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 downward correction as the fourth wave (iv), which took a shape of the double zigzag wxy, has completed. If this assumption is correct, the pair may go up to 1.0 – 1.0072 in the fifth wave (v). Critical level for this scenario is 0.9690.