Commentary: The 5 wave decline from .7637 to .7465 suggests that at least one more leg lower will occur. An irregular flat correction may be unfolding from .7465. Potential reversal points are .7551 and .7571 (the 50% and 61.8% of .7637-.7465).
We are bearish from .7535 and targeting .7262, which is the 161.8% extension of .7637-.7465/.7540. The 100% extension is at .7368 and may also be support so keep risk tight if price falls below .7400. In summary, we are looking for a spike above .7540 before price reverses and heads lower. Strategy: Bearish at .7535, against .7637, targeting .7262.