Commentary: The 4th wave correction of the 1.1825-1.0548 decline is underway. The projected end for wave 4 is 1.0849-1.1036. 1.0849 seems more likely since that level intersects with channel resistance in 11 trading days.
Corrections often unfold in a-b-c form, so we are treating the 1.0548-1.0711 rally as wave a in an a-b-c correction. Wave b may be underway now and could push into the 1.0583-1.0610 area. We are bullish now, against 1.0548, targeting 1.0800.
Strategy: We are bullish now, against 1.0548, targeting 1.0800.