The Euro resolved through our 1.2840 and then 1.2883 levels to complete a bullish base. Now a series of targets and resistance lie ahead anchored by the downtrend from 2011 and the Oct/Nov flag resistance line at 1.3027. A break through those formidable levels can be followed by another test of the .382 retrace at 1.3156. S/t, a small bull flag has formed that supports the idea of a test of the above mentioned levels. The flag target is 1.3060 and the base that formed from early November targets 1.3103. Key supports for the Euro to continue higher are 1.2944 and more critically the breakout at 1.2883. (p2) Levels: Support – 1.2944, 1.2883, Resistance – 1.2991, 1.3027, 1.3060.
NOMURA