The Euro has not rallied to form a wave-4 correction and instead continues to extend lower in impulsive decline. Prices are moving further from old trendline and pivot support and there’s not yet a sign of waning downside momentum. Our strategic outlook has been and remains bearish Euro as this decline is expected to unfold towards 1.33 and lower over the coming weeks. S/t, the wave count is suggesting a decline today to mark the end of a 5-wave pattern from 1.3485; this decline will mark the end of a larger 5-wave decline from 1.3650/40. We’ll be watching the nature of the next bounce (from low 1.34’s) to uncover what degree of downtrend is in play. Conviction: Med/High Levels: Support – 1.3422, 1.3415, 1.3390/70 Resistance – 1.3473, 1.3485, 1.3549
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