Commentary: The decline from 2.0494 still looks corrective but the advancing legs from 1.9879 all overlap, suggesting that the larger rally is corrective as well. A double zigzag may be unfolding from 1.9879.
If this is the case, then price will exceed 2.0494 before a reversal. All of the corrective action from the July high at 2.0654 suggests that a triangle or flat is unfolding. This is now our favored outlook so rallies should be sold against 2.0654. Strategy: Flat