The decline into Feb 2018 lows counts well enough as a 5 wave decline from 1.1831, a corrective bounce towards 1.1600 or higher is ideally seen to end wave 2 of a much larger impulse wave. Once wave 2 is completed I am expecting a significant reversal and move back below 1.1450, and eventually a move below 1.1000.
Significant resistance starts to be tested from 1.1600 – 10.1675, thats a good area for wave [y] of wave 2 to end. A strong move back below 1.1500 is needed to suggest the upside had ended.
Whilst I dont follow this pair that often, there are times it shines out as a clear pattern I think now is one of those clear setups.