Pair has been trading lower after a test of 0.8400 which we believe completed wave A (cycle from 0.8153 low). Decline so far is in 3 waves so it’s a corrective decline just like the previous updates had been reflecting. Reaction off today’s low suggests wave (( a )) is in place and pair is currently in wave (( b )). Ideal area for wave (( b )) to conclude is 0.8363 – 0.8371 but as far as price stays below 0.8400 high, we would be looking for (( c )) leg lower toward 0.8247 – 0.8276 region to complete wave B. This is where we expect buyers to appear and rally to resume. This Elliott wave view is valid as far as pivot at 0.8153 low remains intact.
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