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 of (X) is proposed complete at 0.7409. The pair is currently expected to resume decline to new low or at least pullback in 3 waves to correct the rally from 0.7214 towards 50 – 61.8% retracement at 0.728 – 0.731.
From 0.7409, the pair made the first leg of the decline to 0.732, ending wave a. The second leg wave b bounce is currently expected to complete at 0.7374 – 0.7387. As far as price stays below 0.7409, the pair is expected to resume lower at least for another leg.
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