This pair will be on my Red Zone this week because I'm not quite certain on the direction/bias just yet because of where it actually is. If the corrective move that started from 0.69676 - 0.76585 (which maybe a wave B) is complete, then the down move that has begun at 0.76585 - 0.70597 will be wave C.
And if that's the case then I'll probably be waiting for a continuation to the downside because that where the larger move will be heading around 0.67558 - 0.64600 levels.
But if the corrective up move that is already done was just a sub-wave A of wave B, this means that the overall corrective move is not done and I'll be expecting to see a potential reversal to the upside to finish sub-wave C of B.
So with all these possibilities I'll most likely sit and wait for the market to show where it's heading and I'll trade accordingly. But as for now my bias on the pair is NEUTRAL.
And if that's the case then I'll probably be waiting for a continuation to the downside because that where the larger move will be heading around 0.67558 - 0.64600 levels.
But if the corrective up move that is already done was just a sub-wave A of wave B, this means that the overall corrective move is not done and I'll be expecting to see a potential reversal to the upside to finish sub-wave C of B.
So with all these possibilities I'll most likely sit and wait for the market to show where it's heading and I'll trade accordingly. But as for now my bias on the pair is NEUTRAL.