While pair stays above wave W at 3.7056, it has scope to extend higher towards 4.068 – 4.134 area to complete wave X and end cycle from 4/1 low. Then pair should resume weekly decline as far as 4.158 pivot stays intact. If pair doesn’t make a new high and pivot at 3.7056 fails, then it has started the weekly decline. We don’t like buying the pair as we anticipate the next big move is to the downside as far as 4.158 pivot holds. For more trading ideas and education, feel free to browse other technical articles at our Technical Blogs, check Chart of The Day, and take our FREE 14 Day Trial.