Revised short term Elliottwave view suggests that decline to 0.723 ended wave (Y). Wave (X) bounce from this level is unfolding as a FLAT structure where wave A ended at 0.7439, wave B ended at 0.7214, and wave C is in progress as 5 waves towards 0.742 – 0.747 to complete wave (X). Once wave (X) is complete, the pair should either resume lower or at least pullback in 3 waves to correct the rally from 0.7214. We don’t like buying the pair, and expect the pair to resume lower from 0.742 – 0.747 area for 3 waves lower minimum as far as 0.785 pivot stays intact.
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