Since my last post (you can see it here), we saw the expected correction to 1.5717 (just below the expected 1.5736 target) before the correction was over and the next strong rally was ready to take over. We have seen a break above the base-channel, which calls for an acceleration higher towards the next target at 1.6407. However, the 1.6407 target will likely only be a minor stop on the way higher and the next major target will be found at 1.6830, which most likely will mark the top of wave 3.
Short term I expect support at 1.6033 will protect the downside for the rally higher to 1.6203 on the way higher to 1.6407. Even if support at 1.6033 is broken, a new support will be found just below at 1.5980.
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