2016-11-18 17:14:11


Estimated pivot point is at the level of 1.3398.

Our opinion: Buy the pair from correction above the level of 1.3398 with the target of 1.36 – 1.37. In case of breakdown and consolidation of the price below the level of 1.3398, sell with the target of 1.30.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.3398 will trigger further decline in the pair to 1.30.

Analysis: Presumably, the formation of the long-term correction continues as the wave B of the senior level, which takes a shape of the triple three wxyxz. Final wave z of B is being formed within this wave. Locally it is likely that the wave (c) of z is being developed, within which the fifth wave v of (c) is being formed. If this assumption is correct, the pair may continue to rise up to 1.36 – 1.37. Critical level for this scenario is 1.3398.

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