Pair is showing 5 swings down from 1.1195 peak which is not a diagonal and hence the structure / swing sequence is incomplete. We believe 6th swing is in place at 1.1117 and pair is trading lower in the 7th swings to complete the sequence. Drop from 1.1160 – 1.1034 was in 5 waves so we would be looking for a similar structure ( 5 waves or swings) down from 1.1117 peak. Pair can reach as low as 1.0965 – 1.1015 before bouncing higher. Elliott wave hedging would favour at least a 3 wave upside reaction from the orange area on the chart (1.0965 – 1.1015) and ideally resumption of the rally for new highs above 1.1195
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