Elliott Wave Analysis - The single currency moved more or less in line with our expectations, met renewed selling at 1.3859 (we recommended last Monday to sell at 1.3850) and euro then slipped sharply on Wednesday from 1.3859 down to 1.3523 (met our target at 1.3600 with 250 points profit). Although price extended weakness to 1.3484, the subsequent rebound to 1.3815 (yesterday’s high) suggests consolidation would be seen, however, said resistance at 1.3815 should limit upside and bring another decline later. A drop below said support at 1.3484 would extend the fall from 1.4248 top for a stronger retracement of the rise from 1.3145 to 1.3390/00 and possibly 1.3350 but reckon 1.3300 would hold.
