The 1.2500 level has contained the latest push lower after first yielding but the larger downtrends are still all pointing down. In order to promote our upside bias, we will need to see a clean 5-wave rally on the hourly chart and/or a breakout through 1.2625 resistance. Until then, there is still a case for 1.2410/2355. S/t, support is 1.2457/40 and a break through there suggests a move to more a critical zone between 1.2410/2355. The latter represents an ideal relationship between waves-(a) and (b). Resistance is 1.2577 and the 1.2625 which is the level that suggests a rally to 1.29 is commencing. Both of our Elliott counts still anticipate a low in the 1.24/25 zone followed by a substantial rally.
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