The structure off the 1.3477 low still appears corrective and fits as a wave-iv within a still unfolding decline. Prices are consolidating below support near 1.3525 and 2 projections align at 1.3444 below. At a minimum a wave-v decline can carry to 1.3444 but there is little natural support down to 1.3400. S/t, minor support is 1.3500/1.3477 and since Euro is approaching a break down from a bear flag our bias is that these minor lows will give way. Resistance is 1.3550 and then more critically at the 1.3577/82 zone. Conviction: Med/High Levels: Support – 1.3500, 1.3477, 1.3444/00 Resistance – 1.3550, 1.3577/82
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Nomura