There is a clean bullish falling wedge’ in the Euro that has met the wedge support level and is so far bouncing. The wedge target line aligns with the first fib retracement zone at 1.3680. The secondary fib retracement zone is 1.3740 From an Elliott perspective, this is entire decline can be considered wave-1 in a new downtrend. With this initial decline complete, a corrective rally will set the stage for a new wave-3 decline. Support is now 1.3586 and we expect that to hold as the wave-2 higher unfolds. Conviction: Med /High Levels: Support – 1.3610, 1.3586, 1.3544 Resistance – 1.3640, 1.3670, 1.3680
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