The Euro is back above the long-term downtrend lines and we expect a 3rd attempt at the 1.34 level to lead to a successful breakout. This rally is wave-c in an a-b-c zigzag that began at 1.27. Multiple targets, trendline and channel resistance all align above 1.38 to complete a massive multi-year coiling pattern.
S/t, waves-(1) & (2) are complete from the 1.2755 low and prices are now in wave-1 of (3). A small bull flag today can yield to a high near 1.34 before another consolidation commences. Support is 1.3337 and more critically at 1.3325 (the recent breakout). Upside resistance is 1.3382 and 1.3452/73.
Levels: Support – 1.3340, 1.3325, 1.3254 Resistance – 1.34, 1.3452, 1.3473
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Nomura