The triangle breakout was short-lived and much of last week’s gains have already been negated. Because post triangle moves are often the last wave within a larger rally, it is a possibility that the rally from 1.0182 is complete. Below 1.1026 will signal that a broader decline is underway. (daily) S/t, the Elliott count depicts and initial 5-wave decline to 1.1076. A correction can carry prices back to the previous 4th wave correction between 1.1123/1.1169 to complete wave-2. For today, resistance is 1.1123/69 and support is 1.1026 and 1.0970. (hourly) Conviction: Medium/High Trade: Flat. SL at 1.1118 Levels: Support – 1.1076, 1.1026, 1.0970/56 Resistance – 1.1123, 1.1169, 1.1174
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Nomura