The minor correction from 130.41 has been a little bigger than I expected, but that does not change my view, that the next powerful rally higher is to begin soon. I'm currently looking for a break above 129.81 and more importantly a break above 130.23, which confirms that the next rally higher towards at least 132.07 is under way. However, I expect this next rally to extend and find it more likely that we will see a continuation higher towards 133.90. Short term I expect support at 129.47 and more importantly support at 129.23 to protect the downside for the break above 129.81. That said, an unexpected break below 129.23 will only indicate a slightly deeper decline towards 128.97 and maybe 123.67 before the next move higher sets in.
The price-action has been very inconclusive since yesterday,I'm still expecting support in the 1.5300 - 1.5310 area to protect the downside for the next rally higher. However, a break above 1.5424 and more importantly a break above 1.5456 is needed to confirm the next rally higher towards 1.5575 and 1.5611. It will take an unexpected break below 1.5251 to invalidate my bullish call.
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