The Euro has cleared double-top support at 1.3675 along with the uptrend from last November; this all while RSI has finally cleared the 40 support level. All this price action supports the bearish rising wedge pattern that began in November. Now that there is a lower low in place, a rally to a lower high can be sold. (daily) S/t, we still favor another push higher to complete wave-2. In expanded flats, the corrective pattern we are working with, wave-(b) ideally extends 38.2% beyond (a). Prices met that target level at 1.3616, now a rally back through 1.3648 is needed to suggest wave-(c) up to complete the choppy correction. (hourly) Conviction: Med /High Levels: Support – 1.3616, 1.3477, 1.3360 Resistance – 1.3642/48, 1.3660, 1.3687
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Nomura