Euro held within pips of our downside support cluster at 1.3419 and has since formed/cleared another bullish consolidation pattern. Momentum is still strong and there are no major signs of divergence. From an Elliott perspective we are viewing the move from 1.3414 as Wave (3) in a series that began from the key pullback support low at 1.3265. S/t, there is November channel resistance today at 1.3569 and the first projection target based of Wave (1) is the .618 extension at 1.3552. Euro has stalled here in this 1.3550/70 zone but look for tight support near 1.3522 to hold pullbacks and another break to new highs that can carry prices to our first important resistance levels near 1.3620/60. Levels: Support – 1.3522, 1.3496, 1.3482 Resistance – 1.3569, 1.3620, 1.3660
Nomura