2016-11-18 17:06:10

Estimated pivot point is at the level of 1.0743.

Our opinion: Sell the pair from correction below the level of 1.0743 with the target of 1.0540. In cease of breakout of the level of 1.0743, buy with the target of 1.10 – 1.12.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0848 may trigger further rise up to 1.10 – 1.12.

Analysis: Presumably, the formation of the downward impetus continues in the final fifth wave (v) of c of 2, as part of the senior correction. Locally, it is likely that the final fifth wave of the junior level v of (v) is being developed. If this assumption is correct, the pair will continue to decline to 1.0540. Critical level for this scenario is 1.0743.