As you may see in my previous analysis on this pair the pair retraced to 38.2 fibo ret. You can see the previous analysis here ( ) The nature of the wave tells us that the move was a corrective one, and now we can see that the market is in hands of bears so we can tell that wave 5 is in progress. For wave 5 we can expect 61.8 ext of wave one to three and based on this fact the path forward to the instrument is drawn.