The first touch of the Daily E-9 (orange band) and the 80-pip line.

A triple resistance was built (green rectangles) and we saw a piercing move outside.

I believe this to be the end of an ABC correction.

The arrows show how the 200-sample high got closer and closer. Whenever you have a displacement, picture the actual stronghold as another 9 pips out (i.e. for measuring risk) 1.0539 was exceeded but has not been closed above.

If the market was to consolidate between the 53 and 63 lines above that would mean having found support (& a complete regime change), but that would require a drop first, as this move is out of steam.

The resistance zone above is 51 pips wide. It is not going to give for a simple pass. Price would have to consolidate in that body to have any hope of clearing it.

As for the downside, the gap hasn’t been fully filled. Keep an eye on retesting Friday’s close at 1.0418 for a possible buy. I think a 30-pip undercut would be another option.

For a low close on the 15-min, there’s 1.0339.