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 (or close to it) as price is testing the 78.6% of 1.1599-1.1785 at 1.1639. A rally through 1.1703 instills confidence in the larger bullish outlook.
Strategy: Bullish, against 1.1599, target TBD