Short Term Elliott wave cycles suggests that rally to 1.712 ended wave ((X)). Decline from there is unfolding as a double three where wave ((w)) ended at 1.668 and wave ((x)) ended at 1.684. Pair has since resumed lower by breaking below 1.668, showing 5 swing sequence from 11/11 peak and favoring more downside.
Near term, while bounces stay below 1.684, expect more downside in the pair towards as low as 1.63 – 1.64 area. We don’t like buying the pair.