Commentary: We wrote yesterday that “the form of the decline was still corrective (3 waves…A-B-C). As such, expect a new high above 2.1160 in coming weeks.” The up-down sequence from 2.0522 to 2.0844 to 2.0643 may be waves 1 and 2 of a new 5 wave bullish cycle that will eventually lead to a rally through 2.1160.
Given the proximity of the swing low at 2.0522, reward to risk favors bulls. The 61.8% at 2.0645 should hold.
Strategy: Remain Bullish, against 2.0522, target above 2.1160