The wave-5 target of 1.3328/35 was satisfied with yesterday’s rally to 1.3325. Now 5 clean waves are in place and wave-1 = wave-5. Momentum diverged bearishly at the new high confirming that a small correction is underway. This wave-(2) correction targets the area of the previous 4th wave consolidation between 1.3282/3243. If this interpretation is correct then there is a good buying opportunity in this pullback zone because once this correction is complete wave-(3) will commence and projects a move at least equal to the 220pip rally of the last week. Resistance for today is 1.3325 (then 1.34); support is 1.3281/1.3243 and then more critically at 1.3225.
Levels: Support – 1.3281, 1.3243, 1.3225 Resistance – 1.3325, 1.34, 1.3425
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