In our report this afternoon, we were calling for 1.3265. Price has exceeded this target and price could be heading higher to the Fibonacci price projection target of 1.3315.
Below, we give a breakdown of how we arrive at this target.
From the low of 1.3080, we saw a 3-wave price movement to 1.3224. The 3 wave movement was very clear and nice. We saw a price decline lower to 1.3140, which was just above the Fibonacci 62% correction of the 3-wave movement to 1.3224. As price stay above the Fibo 62% we had a hint there could be a bigger correction in store. As price moved above 1.3224, we can safely assume price is on the “C” leg in a 5-wave movement. We can expect a minimum target at 1.3315 or a target of 1.3365.