This Euro rally off the lows has now satisfied a nice, sideways, a-b-c correction which sets the stage for a rally through 1.3325 and on to the initial symmetry target at 1.3484 (that would make a new multi-month high). Also those downtrend lines from earlier this year and 2011 are under attack once again.
S/t, key support is now the correction lows at 1.3265/58 and most critically at 1.3224 breakout level. The important takeaway is this: Euro traced a 5-wave rally after trapping fresh shorts below 1.32; at least one more 5-wave impulse is expected to carry Euro clearly through long-term downtrends. The weekly chart outlines how this fits in to the big picture and our expectations for a last gasp to below 1.40.
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Nomura