So after yesterdays FOMC we clearly had an impulsive move to the downside
Elliot Wave tells us that after an impulsive move we need a correction, and I think a correction has been due for this pair since last week's ECB.
With that said I took a short @ 133.006 for a completion of a potential A will look to take profits @ 132.20 and then try to position myself long for the C to the upside.
If we double bottom @ 131.687 I would take a long with a little bit stronger leverage. However if we break through that level with force something has changed and I will need to re-evaluate the situation.
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Sorry guys I also forgot to mention there is also hidden bearish divergence on the 1hour time frame.
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Looks like a low of 131.21 after news one pip above my target....lets watch for a follow through