As we have continued to suggest, “the impulsive action from 1.2124 may be the beginning of a 3rd wave advance. Ultimately, we expect this rally to span weeks and target 1.2571.”
A diagonal from 1.1993 may have kicked off the party and a measured objective for the end of wave 3 is not until 1.2493. The pair is pushing against the 200 day SMA right now, which may offer some resistance. The 3/9 high at 1.2354 is the next hurdle on the chart. The bullish trend is strong as long as 1.2221 holds.