The evidence in Euro is mounting against a trendline break as prices were able to hold the key 1.3622 support level last week. The rally so far is unfolding as a 5-wave impulse and targeting the key pivot zone at 1.3709. When looking at the rally from November, the case is quite strong that this is not a correction but a final impulse in need of a new high above 1.3832. (240min) S/t, a small bull triangle suggests that a wave-iv is complete and wave-v will unfold today towards 1.3712. This is just the fist wave in the 5-wave impulse expected to complete the larger rally from 1.3318. (hourly) Levels: Support – 1.3674, 1.3668, 1.3633 Resistance – 1.3695, 1.3709/15, 1.3811
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Nomura