Now that prices have cleared the bull flag pattern our long-term focus is on the 1.0342 pivot high. Eventually a breakout through the February high can take prices to 1.0493 which is symmetry target based off the Feb rally. S/t, the rally off key support at 1.01 (.618 retrace, old pivot, flag support) has already accomplished an initial 5 wave rally and is undergoing a small correction. Look for pullback support at the first Fibonacci retracements between 1.0200/0205; secondary support is at 1.0185. The previous correction lows align with Fibo support at 1.02000 so this is expected to stop and reverse the move lower. Levels: Support – 1.0205/0200, 1.0185, 1.0164 Resistance – 1.0278, 1.0294, 1.0342
Nomura