As we suspected, the risk of one more dip closer to the 78.6% corrective target at 1.0138 was clearly present and what we have seen. The rejection is a strong indication that the corrective decline in wave ii/ has been completed and a new impulsive rally is ready to unfold. In the short term, we would like to see a break above minor resistance at 1.0210 to confirm that wave ii/ is over indeed and wave iii/ is in motion towards the next upside target at 1.0644.
At no point can a break below support at 1.0100 be allowed because it will force a revision of the present scenario.
