Commentary: We maintain that the drop below 1.1623 completed 5 waves down from 1.2468 and that a large rally is underway. Wave c within an a-b-c decline from 1.1785 may be complete at 1.1606 since it appears that a small 5 wave rally has unfolded from 1.1606 (this 5 up is considered wave i of 3).
A rally through 1.1671 instills confidence in the larger bullish outlook. 1.1606 is critical to the bullish bias.
Strategy: Bullish, against 1.1606, target TBD