Strong reversal since start of May from 0.9442 is very sharp and fast without any important overlaps, so we see market making an impulsive run. Impulses are five wave patterns that move in the direction of a bigger trend, so we assume that new bullish
cycle is now unfolding. As such, we are looking up after any set-back on the 4h time-frame. At the moment we see a corrective move down from the highs which appears to be red wave 4) that might be over, as three sub-waves A-B and C already unfolded. As such formal wave 4 and Fibonacci ratio of 38.2 became supports and could now ideally push prices higher.