Yesterday we highlighted the bullish RSI divergence and 5-wave decline from 1.37; together this evidence points to a short-term low at 1.3333. That low can mark wave-(3) (or 1 of (3)) in a larger decline but either way an upward correction to retrace a portion of the July/Aug losses is now the base case. (240min) S/t, the first bounce off the lows looks impulsive and after a small correction another rally can carry Euro towards 1.3425. Support is represented by 2 retracement clusters; the first is 1.3368 and the second is 1.3355. Conviction: Med/High Levels: Support – 1.3368, 1.3355, 1.3333 Resistance – 1.3392, 1.3425, 1.3445
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