Preferred view suggests pair is in a double three or ((w))-((x))-((y)) Elliott wave structure down from 0.7384 peak when dip to 0.7223 completed wave ((w)) and wave ((x)) ended at 0.7380 with a full test of 0.7384 peak. Wave (w) of ((y)) ended at 0.7285 and recovery to 0.7315 was wave (x). Pair is now trading lower in wave (y) of ((y)) which is expected to unfold in 3 swings and while below 0.7315, we expect to see another push lower toward 0.7217 - 0.7193 area to complete a ((w))-((x))-((y)) Elliott wave cycle from 0.7384 peak. Above area is expected to produce a bounce in 3 waves at least.
If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.
