The minor correction from 1.0482 has reached its corrective target at 1.0222 and the pair is ready to resume the underlying impulsive rally higher through resistance at 1.0482 for a rally towards 1.0784 and 1.0927 as the next upside targets.

In the longer term, we are looking for much higher levels here as we see the major corrective decline from 1.6038 as completed at 0.9536. A new major impulsive rally that ultimately will take us back above 1.6038 is unfolding. This of course will not be in a straight line, but in the next years, the trend will be up.