Bearish range broken with this morning’s trade below 1.3580. That range between 1.3578/3650 was consolidating the sell-off from either 1.3731 or 1.3993 and the extension targets from those highs begin to surface at 1.3496. A bit higher is the long awaited wedge target which surfaces today at 1.3532. (d) From an Elliott perspective, there are no clean counts but the 2 suitable alternatives both suggest that lower prices are needed either as a new a-b-c decline or a sharp wave-iii lower. Going forward shorts can use 1.3589 and today’s breakdown bar high at 1.3644 to negate the bearish outlook. (4hr) Conviction: Med Levels: Support – 1.3532, 1.3496, 1.3517 Resistance – 1.3589, 1.3644, 1.3675
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