Commentary: The push through 1.3437 signals that wave iii, of a 5 wave rally that began at 1.3261, is underway. An objective is 1.3656, the 161.8% extension of 1.3261-1.3437/1.3371.
The decline from 1.3478-1.3414 is viewed as the 2nd wave correction of the smaller 5 wave advance from 1.3371-1.3478 (which is wave i of 3).
Strategy: Bullish, against 1.3371, targeting 1.3656