Another small consolidation in what has been an orderly decline. Below the 1.2845 level opens up a major set of targets/support starting with the head & shoulders neckline at 1.2787. There are 2 key pivot lows beyond that at 1.2746 & 1.2662, key lows from 2012/13. S/t, there is a series of minor lows at 1.2845 that is expected to usher the next move lower. So far we count 5 waves lower from the key 50% resistance level at 1.3230; there are more bearish interpretations but regardless a Wave 3 lower is likely unfolding.
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Nomura