Although the pair has broken many critical supports we still believe prices are trading the last wave in a big “Y” formation. The Elliott waves counts, the RSI divergence and the “since inception” trend-line are all suggesting a big upward trend is coming very soon. We tolerate one more move to 1.1060/1.0990 before the pair starts its upward impulsive cycle. The upward move will target 1.1455, 1.1700 and 1.1830/1.1900.