General overview for 09/09/2014:
The pair is in clear DOWNTREND as it has been signaled last time and the reversal has been expected many weeks before it had happened. The 55DMA is crossing below 200DMA and this is another indication that supports this view.
The Elliott Wave count on larger time frame shows a high possibility of a multi-month decline in this pair due to an unfinished bearish cycle in wave C of the overall correction. This is why the current decline on smaller time frames is impulsive and its first wave down is slowly losing the momentum. This is why some sort of a inside sub corrective cycle in wave 4 black is expected currently with all the eyes on the level of 1.6232 – 1.6279. Only breakout higher is bullish.