Technical summary:
Red wave ii corrected almost 100% of red wave i and we are now looking for a break above a minor resistance at 1.4768, which confirms that red wave iii is developing higher towards at least 1.4990. Short term, we expect minor support around 1.4616 - 1.4634 area to protect the downside against the expected break above 1.4768, confirming that red wave iii is developing.
Trading recommendation:
We are long EUR from 1.4725 and will keep our stop at 1.4550. If you are not long EUR yet, then buy near 1.4634 with the same stop at 1.4550.
