The Euro is climbing in to our long-term target zone centered around 1.39. To clarify:
-from the 2012 low, Wave-A=C at 1.3894
-as part of the multi-year triangle, Wave-E is .618C at 1.3936
-the triangle downtrend from 2008 surfaces at 1.3960.
-channel resistance is surfacing at 1.3850. (Daily)
S/t, the hourly chart is sporting a rising channel as well with near term symmetry projections pointing towards 1.3862/1.3900. Channel resistance from the September lows is coming in to play as a 5-wave rally is nearing completion. Look for a continued rally in to the 1.3850/3900 target zone. Support is now 1.3742, 1.3704 and 1.3646…all key pivots over the last few weeks. (Hourly)
Levels: Support – 1.3742, 1.3704, 1.3646 Resistance – 1.3835, 1.3850, 1.39
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Nomura