The key to our near-term bullish outlook is prices holding above the wave-a low at 101.39; this keeps the triangle intact. Momentum is still locked in a tight range and prices have so far reversed the sharp move lower overnight. A rally to 102.45 in the next few days would be the ideal target for wave-d. Once this consolidation is complete a rally to the 103’s can unfold. S/t, support for today is 101.56/101.39 and while not expected a break of that zone shifts our focus back to 100.77. Resistance on the way to the 102.45 target is 102.21. Levels: Support – 101.56, 101.39, 100.77 Resistance – 102.21, 102.45, 102.61
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Nomura