Commentary: A cautious bearish bias is warranted against 1.4770 but a larger correction is likely playing out in the form of a flat or triangle. This suggests that a test of 1.4800 (61.8% of 1.4966-1.4526) is possible (if not probable) before bearish potential comes to the forefront.
Elliott channeling suggests that the correction is not over since the decline in wave iv has yet to challenge the parallel line that defines the uptrend from 1.3261. We will have a special report on the EURUSD (Elliott and technically based) out later this afternoon.
Strategy: Exit bearish position