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 0.7221 – 0.7169 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. If 0.7348 pivot gives up during the bounce, that would suggest pair ended (( w )) at the lows and would correct the decline from 0.7443 high before lower and should still find sellers in 3, 7 or 11 swings as far as pivot at 0.7443 high remains intact.
We do Elliott Wave Analysis of 26 instruments in 4 time frames (Weekly, Daily, 4 Hour and 1 Hour) with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website and click Here to Start your Free 14 day Trial (No commitments, Cancel Anytime). Free Trial offer expires 28th February 2015
