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EUR/USD: Complex Correction

EUR/USD: Complex Correction

EUR/USD is in the process of correcting the 1.17 to 1.11 decline, notes Nomura Techs.

“It is complex correction that is expected to complete via 2 a-b-c rallies, currently the latter stages of the second a-b-c are unfolding. A rally from near 1.13 to 1.14 can complete the larger wave-B,” Nomura argues..

“S/t, support via old pivots and an uptrend line is between 1.1300/1288, more critical support below is 1.1254. Resistance is 1.1340 and then the recent pivot high at 1.1374,” Nomura adds.

All in all, Nomura is looking for a small decline in EUR/USD followed by a strong bounce to new highs.

EUR/USD

Turning to Goldman Sachs (NYSE:GS), their technical strategy team also note that the setup in EUR/USD isn’t very clear.

“A complete correction should retrace within wave 4 territory and near 38.2% of the preceding trend. In this case the high at 1.1713 is near enough to 38.2% at 1.18 and actually exceeds the 4 th wave (1.1533-1.1099). Moreover, an ABC extension from the March low targets 1.1818 (again, near enough?),” GS argues.

“At this point it seems reasonable to take a neutral stance until further signal develops,” GS advises.

EUR/USD: Rally

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