We wrote yesterday that "the decline from 1.1168 is either a B wave in an A-B-C correction that will end above 1.1168 or the 5th wave of the decline from 1.1825. Either way, downside potential is limited.
In the former scenario, the rally begins from before 1.1005. In the latter scenario, the pair will make a slight new low before reversing higher and tracing out a correction (which would be a 4th wave) of the decline from 1.1825." The latter? scenario is the one that occurred and there may be a intermediate term bottom in at 1.0965.