Having finally managed to break decisively above key-pivotal resistance 1.7044/49 (2009 high/2005 low) the market has eliminated the imminent setback risk and has opted for a straight extension higher.
Looking at the big picture there is now nothing left in terms of resistance up to 1.7332, followed by 1.7768 (50 %/C = A). Only two consecutive lower hourly closes of the lagging line below the Ichimoku-cloud (currently at 1.7011) and a decisive hourly close below 1.6988 (minor 38.2 %, i.e. below 1.6960) would now question this bull-view.
JPM