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EUR/USD: Marginal Breakout; USD/JPY; Wave-D Of A Triangle - Nomura
The lack of a sustained downtrend in EUR/USD from December’s reversal shifted Nomura's technical outlook towards the idea that another test (marginal breakout) of 1.39 could be likely. "Near-term resistance from the 2008 downtrend and wave-d triangle target surfaces at 1.3833. Ideally, another pullback towards 1.3643/1.3562 would then unfold," Nomura projects. "S/t, the breakout above 1.3773 now represents new support and below there could see further weakness to 1.3727. Upper channel resistance does not surface until 1.3855 but daily resistance is expected to halt this rally at lower levels," Nomura adds. In ... (full story)