[B]Commentary:[/B] The structure is bearish as long as price is below 1.2165. But rally from 1.1815 is in 5 waves, which sets the stage for additional gains.
Additional strength towards the 61.8% of 1.2165-1.1815 at 1.2032 may be needed before the next leg down. Remember that we are looking for a decline towards the measured objective at 1.1364 (the 161.8% extension of 1.2468-1.1960/1.2165). . [B]Strategy:[/B] Remain Bearish against 1.2165, target 1.1400