With the break below support at 0.8243 we knew that a little more downside action towards 0.8227 was needed. With a low at 0.8228 just 1 pip above the ideal corrective target. The rally since the 0.8228 low does look impulsive, however, we still need one more rally before we have the first small five wave rally in place. Short term I will look for support at 0.8264 to protect the downside for the final rally higher towards 0.8291 and maybe even 0.8305 to end the first small wave in wave 3 higher towards at least 0.8474 and more likely towards 0.8626.
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