From the bear flag high (wave-(iv)), there is now a clear 5-wave decline to 1.2664. The divergence between (iii) and (v) and iii & iv supports a recovery this week in Euro. We’ll look for a small 5-wave rally on the hourly charts to signal a still stronger rally ahead. The Euro met key midpoint targets near 1.2689. S/t, initial resistance is 1.2755 which is the old support and previous wave-iv high. More significant resistance is 1.2816 where pivot lows and the month-long channel surface. Conviction: Med Levels: Support – 1.2664, 1.2610, 1.2250 Resistance – 1.2755, 1.2816, 1.2900
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