EUR/USD held nicely above the key support at 0.9704 which keeps our preferred count alive. As long as the key support at 0.9704 protects the downside, we see the test of 0.9536 as the completion of the 11-year corrective decline from 1.6038 and the start of a new impulsive rally that ultimately will break above the former peak at 1.6038.
That said, we still have a bit more evidence to confirm that the corrective low is in place. The two factors are first the support at 0.9704 is able to protect the downside and two that the short-term resistance at 1.0094 is broken for a continuation higher towards 1.0465 and longer-term the peak of wave B at 1.2350.
