The Euro rally is forming a bearish rising and has found the upper trendline resistance level at 1.3955, this level is also the top of a channel from early February. The wedge targets a sharp decline towards 1.34 but there is NO trade set-up yet; a break of the key 1.3832 pivot will shift our focus to a continued move lower. (d) S/t, the hourly chart is showing that the latest rally from late Feb is a complete 5-wave affair. The divergence between the wave-3 & 5 highs is a signature of a complete rally and a decline can unfold from current levels. For today support is 1.3915/03 and then the key 1.3830 zone. A break above 1.3967 does open a path to the psychological 1.40. (hourly) Conviction: Med / High Levels: Support – 1.3915, 1.3903, 1.3832 Resistance – 1.3967, 1.40, 1.4247
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Nomura