Supportive of our call for a rally in Euro is the base building process on the hourly chart. There is a neckline developing at 1.2578 that can resolve a head & shoulders bottom; once this right shouyldre completes, the projection target off this base is 1.2798. S/t, critical support for this basing call is 1.2399 as this would negate either of the 2 bullish Elliott counts that we favor. This wave-2 pullback could take some more time as the right shoulder forms so we’ll wait for a trigger/signal via a rally through neckline resistance at 1.2578. Key range going forward is 1.2578/2399. Conviction: Med/High Levels: Support – 1.2380, 1.2399, 1.2355 Resistance – 1.2578, 1.2625, 1.2771
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