Euro hit our 1.3680 target after breaking key trendline from April and Jan. Together, the uptrend line from last year and the key pivot low from April are critical support going forward. We view this decline from the highs, marked wave-E, as the first wave down in a new decline. Still, a close below 1.3673 is needed to confirm that a double top is in place. (daily) S/t, there is a valid 5-wave decline on the hourly chart which is undergoing a countertrend correction. The 3 horizontal zones (orange) are Fibonacci retracement clusters and prices have so far stalled at the first, 1.3728 zone. A break above 1.3730 is likely to push prices towards the higher zones between 1.3750/84. On the downside, 1.3686 is near-term support. (hourly) Conviction: Med /High Levels: Support – 1.3686, 1.3648, 1.3563 Resistance – 1.3728, 1.3750, 1.3784
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Nomura