The reversal at 1.39 was key because it represented a failure at the 2008 downtrend, it also produced a bull trap above Oct & Dec highs. Finally, all this action occurred at a weekly 61.8% retrace so we continue heavily weight the idea of a major top at 1.3893. (daily) S/t, a rally through 1.3739 would negate our bearish Elliott count so we are at a key near-term juncture. A rally through 1.3739 is likely to produce a follow through to above 1.38. Support is 1.3638 and we can sit more comfortably with this outlook if prices fall back through 1.3562. Today the key range is 1.3638/1.3739. (240m) Conviction: Med Levels: Support – 1.3683, 1.3555, 1.3484 Resistance – 1.3717, 1.3739, 1.3819
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