The up channel, still intact, contains wave-(1) of what we expect to be a much larger uptrend towards 1.15. We have been focused on locating wave-(2) in order to ride the next major dollar rally. Our base case has been for another wave-c dip to 1.0860/0805. Our conviction is waning as a rally through 1.1050/1100 raises the case for the more bullish alternate (purple). If the move to 1.0887 was wave-2 then wave-3 of (3) is already underway. (daily) S/t, the key range is 1.0980/1.1050. A break above the latter favors the bullish alternate case for a continued rally to and through 1.11. A move through 1.1050 would also resolve a head & shoulders bottom which projects to 1.12. Conviction: Med Levels: Support – 1.0980, 1.0930, 1.0887 Resistance – 1.1050, 1.11, 1.12
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