EUR failed to hold 1.3542 yesterday and quickly pushed prices to the previous consolidation between 1.3480/25. The strong bounce from this level shifts our focus to 1.3850; that is the 61.8% retrace of the 2011 decline and a symmetry target based on the last 2 rallies in EUR. Alternative analyses both call for a wave 5 rally to complete an uptrend from 1.30 and the target zone is between 1.38/1.39. (ch1) S/t, following a sharp a-b-c correction from 1.3675, EUR has regained the 1.3542 level. Bullish momentum divergences are signaling that Wave (4) is complete and a new rally is underway. Near-term resistance today is 1.3588 and a test of the broken Jan up channel comes in to play at 1.3610. Support is 1.3548/14. (ch2) Levels: Support – 1.3548, 1.3514, 1.3462 Resistance – 1.3588, 1.3610, 1.3624
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