2016-11-04 14:39:30

Estimated pivot point is at the level of 1.1128.

Our opinion: Buy the pair from correction below the level of 1.1128 with the target of 1.0960 – 1.0850.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1128 may trigger further rise in the pair up to 1.1145 – 1.12.

Analysis: Presumably, the formation of the wave c of 2 continues as part of the bearish correction of the senior level. Locally it is likely that upward correction as the fourth wave (iv) has completed. If this assumption is correct, the pair may fall to 1.0960 – 1.0850 in the fifth wave (v).