The bullish breakout above long-term downtrends is intact and driving our longer-term bullish outlook for Euro. From a pattern perspective prices are rallying out of a year-long triangle and multiple targets align near 1.39 including a downtrend line that stretches back to 2008.
S/t, prices are testing the recent breakout at 1.3380, more critical to the nascent breakout is pivot low support at 1.3311. Uptrend resistance is now yesterday’s 1.3452 highs and hourly channel resistance at 1.3482. Finally, an extension of the recent rally porjects a move to 1.3509 in the near-term.
Levels: Support – 1.3380, 1.3311, 1.3429 Resistance – 1.3452, 1.3482, 1.3509
Read the full report: FX Research
Nomura