A trendline from October of 2012 & 2013 has been broken as has the rounded top pattern from mid-December. So far our target zone has contained weakness but only led to a bearish consolidation; this 101.77/100.77 consolidation is following negative patterns/trends so our we expect a break of the minor triple bottom at 100.77. S/t, wave-4 is marking time as opposed to the sharp wave-2 rally and could continue the choppy trade if small triangle unfolds. 2 pivots mark resistance at 101.77 along with the underside of the broken trendline.. The next Fibonacci support zone below 100.77 is 99.80/50. Levels: Support – 101.30, 100.77, 99.80/50 Resistance – 101.77, 102, 102.94
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Nomura