Preferred Elliott Wave view suggests pair is doing a WXY structure down from 2/2 high. We have seen the end of 6th swing i.e. wave (( x )) of Y at 0.7348. A bounce in wave (x) is now expected to hold below this level for continuation lower toward 0.7221 – 0.7169 area to end a cycle from 2/2 peak. We don’t like buying the pair & favour selling (x) wave bounce in 3, 7 or 11 swings as far as pivot at 0.7348 high remains intact. If 0.7348 pivot gives up during the bounce, that would suggest pair ended (( w )) at the lows and would correct the decline from 0.7443 high before lower and should still find sellers in 3, 7 or 11 swings as far as pivot at 0.7443 high remains intact.
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