Our latest update called for a bull triangle breakout above 1.1194/1.1224 and that has unfolded so far. Bigger picture, this rally is a wave-5 in a large uptrend that began near 1.02; symmetry projections along with long-term retracements are clustering near 1.15 which suggests a strong rally ahead. (daily) S/t, the hourly chart has complete waves-1 to 3 in the latest rally and the overnight decline has now satisfied wave-4 as well. This sets the stage for a wave-5 rally to 1.1344. Support is 1.1215 and 1.1200 for today and initial resistance is 1.1279. (hourly) Conviction: Medium/High Trade: Long from 1.1194/1227; sl 1.1122, tp 1.1400 (initial) Levels: Support – 1.1215, 1.1200, 1.1153 Resistance – 1.1263, 1.1279, 1.1344
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Nomura