Technical summary
We are still looking for the final decline closer to the long-term support near 1.4700, from which we expect a multi-month rally to take place. From the high of 1.5821, a five wave decline can be allowed for, which means we are close to a bottom and are looking at the longer-term picture. The long-term support from March 1997 is coming in close to 1.4700, which should provoke a long-term rally for many months.
Trading recommendation:
We will buy EUR at 1.4725 or higher than a break above resistance at 1.4925 (an order done cancels the others).
