Pair is in large degree FLAT correction. Wave (( iv )) of C appears to have completed @ 1.4470 so expect this swing lower to end around 1.4200 – 1.4250 before turning higher. Hourly cycles are negative but mid-term cycles are positive so after a drop below 1.4335, traders should only be looking for buying opportunities. A 5 wave higher to break 1.4470 would be the confirmation that FLAT correction is over and rally is resuming.
If you would like to see our mid-term view in the pair, why not Sign up for 14 day Trial We cover 25 instruments in 4 different time frames working round the clock to provide you with frequent & timely updates and to keep you on right side of the market.
If you are interested in learning more about Elliott wave structures and sequence of waves / swings why not check out and register for up coming webinar on this topic. See the details here