Preferred Elliott Wave view suggests pair is doing a WXY structure down from 2/2 high. We have seen the end of 6th swing i.e. wave (( x )) of Y at 0.7348. A bounce in wave (x) is now expected to hold below this level for continuation lower toward 0.7148 – 0.7233 area to end a cycle from 2/2 peak. We don’t like buying the pair & favour selling (x) wave bounce in 3, 7 or 11 swings as far as pivot at 0.7348 high remains intact. Once 0.7148 – 0.7233 target is reached, we like to stay on the sidelines and wait for wave (X) bounce in 3, 7, or 11 swing to sell again as far as 0.7597 pivot remains intact. If 0.7597 pivot gives up during the bounce, that would suggest pair has made a major degree low.
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