With the break above resistance at 1.3846 the decline from 1.3967 is only in three waves and that indicates that the decline from 1.3967 is corrective. But what about the messy small rally from 1.3749 you might ask? I think wave i was a leading diagonal (see the 15 minute chart below). I will now be looking for a break above resistance at 1.3948 as confirmation that the next rally higher towards at least 1.4137 is developing. However, I do think the next rally should be more powerful a lead to a move higher towards 1.4314.
EUR/USD - 15 minute
Important support at 1.6467 is still protecting the downside and I will be looking for a break above 1.6536 and more importantly a break above resistance at 1.6569 as indication that a firm low is in place for renewed upside pressure towards 1.6822 and beyond as wave iii higher picks up speed.
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