In my April 30 post here I wrote its was time for a minor correction back towards 1.7920. We could still see 1.7920 tested, but it seems that the 50% corrective target at 1.8015 was strong enough to protect the downside and I will now be looking for a break above 1.8150 and more importantly a break above 1.8205 as confirmation that the next impulsive rally towards 1.9582 is developing.
That said, as long as support at 1.8150 protects the upside we could see a move closer to 1.7920, but at no point can a break below support at 1.7483 be allowed as the would cause an overlap between the possible wave four and wave one, which is allowed under the EWP.
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