We have been in this long term corrective wave since Early 2015 after a huge drop from the 1.36 range in 2014. After such a drop.....a sideways move is warranted before we move further down or change course. My thoughts is we are yet to finish an (E) wave to finish the move and then we will reevaluate.
Comment: sideways correction might be opportunity go short or add to your existing position for possible test of lower channel...Lets see what happens. Our bias is still bearish as long as we are below the 200 and we do not have a clear break of the upper channel.