Euro is unfolding lower as opined based on the choppy bear consolidation that completed at 1.3750. Longer-term trends from July are now clearly broken leaving only the 1.3508 lows as support before a deeper decline. The next pivot and trend supports don’t emerge until 1.3296 & 1.3200 respectively. (weekly) S/t, 1.3520/00 is critical support and likely to hold as it appears that a wave-iii decline is nearly complete. Rallies can find resistance at 1.3580 which has acted as a key pivot over the last weeks. For today look for a 1.3500/1.3580 range as prices consolidate ahead of the next wave lower. (daily) Conviction: Med/High Trade: Flat. Look to be short now that wave-(2) correction complete. Levels: Support – 1.3520, 1.3500, 1.3296 Resistance – 1.3580, 1.3600, 1.3650
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Nomura