EUR/USD rally is forming a bearish rising wedge and has found the upper trendline resistance around the 1.3955 level which is also the top of a channel from early February, notes Nomura. "The wedge targets a sharp decline towards 1.34 but there is NO trade set-up yet; a break of the key 1.3832 pivot will shift our focus to a continued move lower," Nomura projects. "S/t, the hourly chart is showing that the latest rally from late Feb is a complete 5-wave affair. The divergence between the wave-3 & 5 highs is a signature of a complete rally and a decline can unfold from current levels," Nomura argues. "Support is back ... (full story)