Resistance at 1.5283 is expected cap the upside in wave [iv] for a new decline to below 1.4989 for a move closer to the ideal downside target area between 1.4748 - 1.4815. We should be in the final stages of the long term decline from 1.9023, so this is not the time to sell EUR aggressively.
Only a break above resistance at 1.5520 will ease the downside pressure, while a break above 1.5649 will confirm that a long term bottom is in place.
Trading recommendation:
We have placed a EUR buy-order at 1.4755 with stop placed at 1.4695.
