FXstreet.com (Barcelona) - The Euro has bounced back from key support and, according to Nicole Elliott senior technical analyst at Mizuho Corporate Bank, it might hold around here today: Note that the Ichimoku 'cloud' becomes a fraction of the size it was. A weekly close below 154.00 completes a massive, major, long term 'head-and-shoulders' top which could lead to a terribly dramatic collapse. Implied volatility to stay high and probably go higher. The strategy, according to Elliott remains unchanged: Strategy remains unchanged: sell at 157.15, adding to 158.50; stop well above 159.25. Add to shorts below 156.25 for 155.25 short term and 153.00 further out.
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