The corrective rally to THE 1.1224 high along with the lack of momentum divergence indicates that this range from 1/23 is just a large correction in the long-term uptrend. The ideal expanded flat correction is expected to form a range between 1.0925/1250. The A-B-C pattern in now forming the “B” which is a smaller choppy range. (daily) S/t, the current sell-off is targeting 1.0935 near the previous correction range; once wave-(b) completes we’ll shift our focus to a sharp rally and a marginal new high. A rally back through 1.1091 will give the signal for a stronger rally to above 1.12. (240m) Conviction: Medium/High Levels: Support – 1.0976/68, 1.0935,1.0924 Resistance – 1.1032, 1.1090, 1.1121
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Nomura