The pair appears to be developing a massive 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory.
The current correction could potentially bottom out around the 38.2 per cent Fibonacci retracement level at 1.23670 before the bullish momentum is resumed.
The current correction could potentially bottom out around the 38.2 per cent Fibonacci retracement level at 1.23670 before the bullish momentum is resumed.