The sell-off from 1.3622 is not yet definitive and Euro is still stuck in neutral awaiting a clearer signal. On the bearish side, prices are still testing the underside of the broken July channel. Also, the upward sloping pattern from November is taking the form of a bear flag. In order to confirm our current bearish wave count, a break of flag support at 1.35 is required; further, a move below the polarity zone of 1.3452/17 cements the bearish outlook. (dly) S/t, the bull flag has so far held below the 61.8% retracement level at 1.3636 and that remains critical resistance and waves-a & c showed ideal symmetry at 1.3622. Support for today is 1.3568 and a move below shifts focus down to recent lows at 1.3524. (hrly) Levels: Support – 1.3568, 1.3524, 1.3500 Resistance – 1.3614, 1.3622, 1.3636
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Nomura