The Euro failed to hold below a small head & shoulders top and is again approaching 1.3832; above that level the idea of a wave-(2) correction is negated. Needless to say, confidence is waning concerning this outlook. The initial a-b-c correction showed perfect symmetry, and an equal a-b-c rally projects to 1.3828 which would complete a complex overlapping rally. S/t, resistance today is 1.3811 and then the more critical 1.3828/32 zone. Support is now the latest pivot low at 1.3709. The zone between 1.3622/3526 still represents a confirmation zone that implies a major turn lower. Levels: Support – 1.3709, 1.3622, 1.3526 Resistance – 1.3811, 1.3828, 1.3832
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Nomura