Commentary: Last week, we wrote that “the correction from .9400 is either complete at .8749 or close to complete. We expect the next advance to exceed .9400 and possibly test 1.0000 in order to compete a large A-B-C advance of Cycle degree that began in 2001. Near term, the last part of wave 1 is ending as a diagonal which began at .8709. A decline to this level would complete wave 2.” The pair dropped to .8697 Friday before reversing higher. Wave 3 higher may be underway now. If not, then the next level of potential support is at .8664 (Fibonacci).
Strategy: Bullish against .8549, target above .9400