STRATEGY: Bearish, against 2.0271, target 1.9540
Bigger picture, we view the decline from 2.1160 as wave (A) in a larger A-B-C correction. Wave (B) was a clear 3 wave countertrend rally that ended just shy of the 61.8% level of A. Wave (C) is underway now and specifically, wave 1 of (C) is underway now. The longer term (8 to 12 weeks) target is near 1.8500. A drop below 1.9734 would complete 5 waves down from 2.0396 and complete wave 1 of C.
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