Intraday moves have been large. This action is often indicative of at least a short term change in trend. Coming under 1.46 the last 2 days is a sign of weakness and indicates to me that a larger decline is underway, perhaps as an X wave.
It is possible that 1.4871 marks the top of wave B within the A-B-C decline that is underway from 1.6040. I do not view this count as probable given the structure in the other USD pairs. A deeper correction of the 1.3877-1.4871 advance is preferred although structure is not clear at the moment (it rarely is during a correction). If the decline extends, then look for support at the short term trendline and 1.4250 (the 61.8% of 1.3877-1.4871).
