Elliott waves analysis – We’re on the sidelines.

Despite the previous forecast that this pair could continue to the lowerside, we continue to see bullish pullbacks, generally, the current bullish price rally is just a correction and may not go beyond 1.18890. On this chart, we are basically sellers, the idea here is to keep looking for long term sell positions expecting a break below 1.1256. The anticipated bearish price rally is the continuation of the last impulsive wave (5) towards 1.10.

We’re on the sidelines.