From a bigger picture, the sell off from late August to early Sept 2015 is a 5 wave move. Due to its position, that 5 wave move needs at least one other 5 wave decline to match it. So from a bigger picture perspective, the Aug 24, 2015 high will likely hold until we retest levels near the 1.04 handle.
Shorter term, there are 2 different clusters of wave relationships showing up near 1. 1400 and 1.1455 (see tan boxes above). I am showing either level as the end of a smaller degree red circle wave '2'. Either of these points could be a level to launch the next round of selling.
The selling since yesterday's high appears to be a correction and therefore I'm leaning towards higher levels to short rallies from.
Your comments are appreciated.
1. Circle wave 1 = circle wave 5
2. Circle wave 5 = .382 * circle 1-3
3. If circle 3 is extended, it would be 2.618* circle 1
A break below 1.09 clear the way for more downside...otherwise we may bounce back to 1.11. Let's see what happens.