View suggests the move lower from March 13, 2019 high (1.3381) is unfolding as an impulse Elliott Wave
structure. In the short term chart below, the bounce to 1.2784 ended wave 4 as part of the impulse move from March 13 high. Pair is currently within wave 5 and the internal also unfolds as a 5 waves impulse in lesser degree. Down from 1.2784, wave (i) ended at 1.2661 and wave (ii) ended at 1.2735. Pair then resumes lower in wave ( iii
) towards 1.248, and wave (iv) bounce ended at 1.254 and wave (v) of ((i)) ended at 1.2438 low. Above from there it is currently in wave ((ii)) bounce in 3-7 or 11 swings.
We don’t like buying it and ideally bounces should fail in 3-7 or 11 swings against 1.2788 peak. Afterwards, more downside is expected to take place.