After having been in a well defined downtrend for 12 years, something new is about to take place. The five wave rally from the 0.7067 low in 2011 was the first indication, that something new was awaiting and now we have seen a break above the 12 year downtrend line and the next part of the ongoing correction is about to take place.
I would like to see a rally above 0.9839 and even better above 0.9972, which will call for a continuation higher towards at least 1.1650 and maybe even higher.
At this point only a break below 0.9127 will invalidate the rally higher, but I would like to see support at 0.9439 protect the downside for the next rally higher, but we don't need a correction that deep to overcome resistance at 0.9839.
Stay tuned for a much higher rally.
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