Despite the overlap within the latest rally from 1.0829, the breakout and sustained trend suggest an impulse higher. In terms of Elliott the rally best counts as a leading diagonal that has satisfied a 5-wave move higher. Having hit wedge resistance, a pullback could mark wave-ii but retracements have so far been shallow (and infrequent). S/t, there is no upside resistance and now 1.1279 represents key support. A reversal from current wedge resistance and a 5-wave decline on the hourly/15-min chart is needed to promote our call for a pullback. Conviction: Low/Med Levels: Support – 1.1314, 1.1279, 1.1217 Resistance – 1.1386, 1.14, 1.16
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