Our outlook has been for a wave-ii rally to complete below 1.3739. Yesterday’s bearish shooting star reversal above then below the Dec downtrend line suggest the upward correction is complete. A sharp wave-iii decline is now expected to break downside support at 1.3477. (daily) S/t, wave-iii lower appears to be in progress with minor support at 1.3550. Resistance is now 1.3626 & 1.3683. The sell-off today is confirming the larger bearish Elliott count as well as yesterday’s reversal. Next major downside support is 1.3484. (hourly) Conviction: Med/High Levels: Support – 1.3550, 1.3484, 1.3400 Resistance – 1.3626, 1.3683, 1.3739
Read the full report: EURUSD
Nomura