Based on the Elliot wave theory, the pair still has some room to go with a projection to 4800 before a major correction occurs.
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Almost at the minimum target now as wave 5 is at least equal to wave 1
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Minimum target hit yesterday and re correction seems to be in effect. For confirmation a close below swing lows at 3600 is needed although a topping pattern is already in full effect as we have a bearish engulfing candle subject to a close on its lows
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Correction well underway now. Yellow line is the main area as a target but we need a close below 3600 swing low.
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Swing low at 3600 taken out. A close below is very bearish. Be careful as we could see a retracement soon before we move into 3000