Commentary: We hav maintained a bullish stance as the EURUSD is completing a 5th wave rally. The break above 1.4751 confirms that wave 5 is underway. There are two counts we are following and both are bullish. The first treats wave 4 (within the 5 wave bull cycle from 1.4015) as 1.4751-1.4520. This has been the favored count recently. The other count treats wave 4 as a triangle.
This count is now favored since a triangle in wave 4 satisfies alternation between waves 2 and 4 (2 is a deep correction and 4 is a shallow). Either way, the count is bullish near term. Identifying exactly when wave 5 began helps us estimate when it might end. Wave 5 would equal wave 1 at 1.4955. This is an intial target.
Strategy: Bullish, move risk to 1.4621 (from 1.4582), target 1.4950