Short term Elliottwave structure suggests dips to 84.15 ended wave ((w)) and wave ((x)) bounce is proposed complete at 86.3 as a double correction. From 86.3 wave ((x)) high, pair has resumed lower with wave (w) ended at 84.54 and wave (x) bounce is currently in progress towards 85.82 – 86 area before the decline resumes again. We don’t like buying the proposed bounce and as far as wave (x) bounce stays below 86.3, pair is expected to resume the decline lower again in wave W towards 83.57 – 84.09.
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