2016-11-11 16:50:11

Estimated pivot point is at the level of 0.9994.

Our opinion: Sell the pair from correction below the level of 0.9994 with the target of 0.9474.

Alternative scenario: Breakout and consolidation of the price above the level of 0.9994 will trigger further rise in the pair up to 1.0100.

Analysis: Presumably, the formation of the upward correction as the second wave of the senior level has completed. Locally it seems that one-two impetus of the junior level as the wave (i) and the correction as the irregular plane in the wave (ii) have been formed. If this assumption is correct, the pair may decline to the level of 0.9474 in the third wave (iii). Critical level for this scenario is 0.9994.