Short Term Elliottwave structure suggests that rally to 84.43 ended wave ((x)). Decline from there is unfolding as a double three where wave (w) ended at 82.6 and wave (x) ended at 83.47. Near term focus is on 82.07 – 82.33 area to complete wave “w”, then it should bounce in wave “x” to correct the decline from wave (x) before pair resumes lower again. We don’t like buying the pair and expect wave “x” bounce to fail below wave (x) at 83.47, and more importantly below 84.57, for more downside towards 81.2 – 81.6 area.
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