The long-term uptrend remains firmly in place and we are looking for renewed upside pressure once the correction from 1.1276 is complete. A break above minor resistance at 1.1048 and more importantly, a break above resistance at 1.1150 could confirm that a new impulsive rally is unfolding towards at least 1.1444 and likely higher.
Short-term we see support at 1.0984 and then at 1.0943 which we expect will act as a floor for the break above resistance at 1.1048. If, however, a break below support at 1.0943 is seen, this break should be short-lived and will quickly be rejected, so a turn higher should be expected.
