We have seen a test of important resistance at 130.37, but not yet been able to break above this resistance. However, I think that it is just a matter of time before we will see this break for a continuation higher towards the top of wave 3 at 131.12 and higher towards 131.62. My target for this wave 5 is near 135.42. Short term I expect minor support at 129.72 to protect the downside for the a break above 130.03 that indicates a new test of important resistance at 130.37.
I'm a bit surprised to see the rather big correction from the 1.5717 high, but that said, I'm still bullish due to the break out of the falling channel and the fact, that the rallies does have an impulsive character. Short term I'm looking for support near 1.5518 for a break above 1.5593, which will confirm the next rally higher towards 1.5717 and beyond. However, until we have seen the break above 1.5593 we must accept the possibility of a slightly deeper correction, but ideally 1.5518 will hold or we will see a continuation down to 1.5463, before the next move higher can be expected.
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