Since the break above the channel resistance-line we have seen a consolidation, but it should not be long before we will see the next rally higher towards 131.37 and 132.48 as the next targets before the top at 133.81. I see this rally as part of a very complex correction. Short term I'm looking for minor support at 130.25 to protect the downside for a break above resistance at 130.82 confirming the rally towards 131.37 and higher. Longer term I still see the possibility of a deeper correction towards the bottom of wave iv of one lessor degree at 118.73, but it is also possible, that we will get a sub-normal correction price wise, however it is longer time wise.
I'm looking for a break above minor resistance at 1.6707 and more important resistance at 1.6756 soon to confirm that the next powerful rally is developing. This next rally will likely take us to 1.7216 as the first target (blue wave iii), but longer term I'm looking for much higher levels. Short term we are looking for support at 1.6637 to protect the downside for the break above minor resistance at 1.6707.
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