After quite a slow price action in this week from a 1.3018 low, we decided to adjust the wave count and are now looking for one leg down. The reason is the structure of a recent minor recovery, labeled on the chart as wave B which is looking corrective. As such, we think it may be just another pull-back within an ongoing bearish trend. We could see a test of 1.2950 in the sessions ahead, but keep in mind that these are final stages of a corrective movement; our primary focus will be bullish when pair bottoms.

The fact is that despite strong bearish momentum decline from 1.3710 still can be a corrective move, because each for each bounce, the market also made an overlap with former swing low.