Being close to the final high there is risk of volatility
Resistance: 1.3425, 1.3451-6, 1.3482, 1.3505
Support: 1.3406-14, 1.3375-80, 1.3357, 1.3338
MAIN ANALYSIS: Direct gains were seen but stronger than I had expected - the high at 1.3451. In normal circumstances this should see a modestly deep correction with the target around 1.3338-48. However, we should actually see quite a long correction. This may be directly (but slowly) down to 1.3338-57, or we could see a complex correction - so down to the 1.3338-57 area, back up to 1.3451-61 and then recycling back to 1.3338-57. Once this correction is complete the next move should then be higher in 3-waves back to the 1.3451 high.
COUNTER ANALYSIS: Only a break below 1.3330 we could see losses back to the 1.3270-80 pivot support - breach then would risk a reversal lower back to 1.3205-10. Below there note the 1.3187 corrective low.
MEDIUM TERM ANALYSIS:
16th August: In spite of the 15 point break of the low end of the 1.3220-60 area, support area it hasn't really broken the bullish structure. That would have required a break below 1.3187. Therefore we should still be on track for the higher targets above 1.3428.