Technical summary:
Blue wave v only made it to 147.89 before bottoming out and ending red wave iii and setting the stage for a correction towards at least 1.5122 and likely even higher to 1.5329 before turning lower in red wave v. In the short term, we expect support at 1.4885 will be able to protect the downside for the rally towards 1.5122 and possibly higher towards 1.5329. Only a direct break below 1.4885 will call for a new test of 147.89.
Trading recommendation:
We took profit and reversed our EUR-short position at 1.4855 for a very nice profit. We will place our stop at 1.4880 on our long EUR position from 1.4855.
