Our wave-v’ down to mid 1.27s call stands; any move below 1.2835 can satisfy this final leg in a cycle that began from 1.34. Longs from the 1.27/28 zone can be rewarded with a sizable correction towards 1.32. S/t, support is the wave-iii’ (black) low at 1.2835. So far wave-iv’ (black) has stopped at the 61.8% retrace of 1.2925 and that remains resistance until a new low is seen. The June ‘13 low is 1.2755 and that would be an ideal level to complete this decline. Conviction: Med/High Levels: Support – 1.2835, 1.2755, 1.2735 Resistance – 1.2925, 1.2995, 1.3110
Read the full report: EURUSD