The Euro is limping lower as expected in what could mark wave-e (wave-3) in a decline from key resistance near 1.38. The 1.38 level has marked highs throughout Oct, Dec and Feb. The ideal target for wave-(e) of a triangle is 1.3569 where the .618(b) and the uptrend align. S/t, near-term channel supports are 1.3689/75 and then the latest pivot at 1.3643. Resistance has been and remains 1.3773. The path of least resistance remains for lower Euro levels. Conviction: Med Levels: Support – 1.3689, 1.3675, 1.3569 Resistance – 1.3745, 1.3773, 1.3793
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Nomura