FXStreet (Bali) – According to Nomura, the ABC correction in EUR/USD is now complete, now expecting an extension towards a target of 1.1098.
Key Quotes
“The rally from 1.1105 (9/22) looks like a complete a-b-c correction. The move lower from Friday is the early stages of a new decline. Expecting a break of 1.12 to be followed by a break of the channel too. Extension target is 1.1098. From an Elliott perspective, the decline from 1.1289 fits as wave-3 so a sharp move lower would be ideal,” Nomura projects.
(Market News Provided by FXstreet)