The Euro rallied to the limits of a viable correction by reaching the 76.4% retrace; only because this is a proposed wave-(2) does it warrant the consideration of such a deep retrace. Also, we can see a small impulsive decline from 1.3906 that suggests a possible change in trend. The proposed wave-(2) high at 1.3906 is now critical resistance. (240min) we are now flat having hit our SL levels S/t, the hourly chart has broken mild trend support and is targeting a series of retracements at 1.3803. Intraday resistance is 1.3864. For today the proposed range is 1.3803/64. (hourly) Conviction: Med / High Trade: SL’s hit. (Flat) Levels: Support – 1.3836, 1.3820, 1.3780 Resistance – 1.3880, 1.3921, 1.3967
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Nomura