EUR/USD: ABC correction done, target of 1.1098 – Nomura

By FXStreet 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.
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Source:: FX Street