Double-top neckline support at 1.3675 has yet to yield on a closing basis but RSI momentum augurs that a price break is on the horizon. Notice how momentum has not only cleared the 40 level but is coincidentally breaking a support level that has marked pullback lows since March ‘13. The double-top projects losses to as deep as 1.3360. (daily) S/t, the sideways range since Thursday is consolidating the initial wave-1 decline by marking time rather than via a deep price correction. Based on the 1.3733/3687 range, this morning’s breakdowns projects a move to 1.3623. It is not concrete that the wave-2 correction is complete but a move through 1.3670 will promote that case. (hourly) Conviction: Med /High Levels: Support – 1.3670, 1.3648, 1.3633/23 Resistance – 1.3687, 1.3723, 1.3775
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