EUR/USD has not rallied to form a wave-4 correction and instead continues to extend lower in impulsive decline, notes Nomura. "Prices are moving further from old trendline and pivot support and there’s not yet a sign of waning downside momentum. Our strategic outlook has been and remains bearish Euro as this decline is expected to unfold towards 1.33 and lower over the coming weeks," Nomura projects. "S/t, the wave count is suggesting a decline today to mark the end of a 5-wave pattern from 1.3485; this decline will mark the end of a larger 5-wave decline from 1.3650/40," Nomura adds. "We’ll be watching the nature of ... (full story)