I will try to outline a couple of bearish options for the pair.
1) ABC structure, where the triangle is the wave B. This structure has the potential at least 1,05 (62% for the wave C of the length of wave A). More extended movement will lead the price well below the parity
2) Completion of the impulse. There are two visible alternatives, as shown on the bar pattern separately.
- alternative A: trade the wave 5 of 5. The key question is where has the triangle completed. to be more specific - where is the end of wave E. This is important for planning the last impulse to the downside.
- alternative B: ending diagonal. will be the simplest structure to trade, as it completes - to catch the reversal. With this respect you need to look also at the class A divergence at RSI/ MCAD/ AO
Good luck, hope this analysis will help to some extent
1) ABC structure, where the triangle is the wave B. This structure has the potential at least 1,05 (62% for the wave C of the length of wave A). More extended movement will lead the price well below the parity
2) Completion of the impulse. There are two visible alternatives, as shown on the bar pattern separately.
- alternative A: trade the wave 5 of 5. The key question is where has the triangle completed. to be more specific - where is the end of wave E. This is important for planning the last impulse to the downside.
- alternative B: ending diagonal. will be the simplest structure to trade, as it completes - to catch the reversal. With this respect you need to look also at the class A divergence at RSI/ MCAD/ AO
Good luck, hope this analysis will help to some extent