Ideally we were looking for a rally to 1.1155 (which unfolded quickly yesterday afternoon) and then one more pullback to complete the bull triangle. This morning’s breakout above 1.1194 indicates that the consolidation is complete and prices are projecting higher still to 1.13/15. The 1.1341 target is a classic triangle projection while the 1.1482 target is a wave-1=5 symmetry target. (daily) S/t, the hourly chart shows a wave-3 of (3) rally is underway and targets 1.1240 in the near-term. Support is now the 1.1146 high and then more importantly the 1.1122 pivot low. (hourly) Conviction: Medium/High Levels: Support – 1.1146, 1.1122, 1.1111 Resistance – 1.1194, 1.1224, 1.1341
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Nomura