The key pivot level is presenting itself as the market heads into payroll day, 102.86 was a low in Jan and then a high in Feb so a rally through there is needed to push the bull case in the near-term. The rally from Feb is still best viewed as an (a)-(b)-(c) rally with a minimum target of 103.15; this rally is expected to be wave-B in a larger triangle. More aggressive upside projections imply a move to 104.35 where the .764 retrace aligns with a 1.618 extension. (240min) S/t, a rally through 102.86 can carry prices to symmetry and channel resistance at 103.15. Support today is 102.55 to 102.24 which is the area of the latest consolidation. The initail 5-wave rally off the 3/3 low has suffered only a minor correction and looks to be forming a new impulse wave. (houlry) Levels: Support – 102.34, 102.29, 102.10 Resistance – 102.50, 102.86, 103.15/65
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Nomura