EUR/USD is unfolding lower as opined based on the choppy bear consolidation that completed at 1.3750, notes Nomura. This, according to Nomura, leaves longer-term trends from July clearly broken with a sustainable break below 1.3508 lows suggests a deeper decline. "The next pivot and trend supports don’t emerge until 1.3296 & 1.3200 respectively. S/t, Rallies can find resistance at 1.3580 which has acted as a key pivot over the last weeks," Nomura projects. In line with this view, Nomuar looks to be short EUR/USD now that wave-(2) correction complete. Nomura holds a medium/high conviction on this view. In USD/JPY, ... (full story)