A weekly reversal and weekly trend change is taking place. The reversal occurred where a measured move target aligned with a Fibonacci extension target. The post triangle thrust may be complete and further supports the case for a continuation of weakness in the cross. (weekly) S/t, prices are breaking a confluence of Fibonacci support at 138.48/28 and minor wedge support as well. There are no signs of waning downside momentum so a thrust lower still is on the table and could take prices back to Sep/Oct pivot support at 135.51. Resistance near-term is 139/139.90. (hourly) Conviction: Medium Trade: Flat. Levels: Support – 136.30, 135.51 Resistance – 139, 139.90, 140.25
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Nomura