Still long based on the 4/10 bullish reversal. Prices have entered the key resistance zone and are threatening a key pivot at 1.1042. The 1.1080 level is the top end of the range and the underside of the old trendline so this is another hurdle prior to a vacuum of resistance up to the range highs at 1.12. (daily) S/t, the Elliott count has been difficult and therefore the confidence is diminished; we will stick with the bullish count as long as the series of higher highs & higher lows remains intact. Based on the below count a strong wave-(iii) of 3 rally is set to unfold. Near-term supports are now 1.1018/1001. (hourly) Conviction: Med/High Trade: Long (1.0942, 1.1002) SL 1.0915, TP 1.1580; add 1.1050 Levels: Support – 1.1018, 1.1001, 1.0960 Resistance – 1.1042, 1.1080, 1.12
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Nomura