Technical summary:
With a new all-time low, we are getting close to the long-term support line, which currently is seen near 1.4700. We expect this long-term support line will protect the downside, but to confirm a change in the trend a minor five-wave rally is needed and this has not been seen yet. In the short term, we expect minor resistance at 1.4898 which will protect the upside for the final decline close to 1.4700 to end the decline from 1.7274 and set the stage for a new impulsive rally in wave C higher.
Trading recommendations:
We are looking for a buying opportunity at 1.4725 with stop placed at 1.4675.
