We wrote yesterday that “with 5 waves down from the wave D high, expect a rally in wave b of E to at least 1.4729 (38.2% of 1.4953-1.4591) before wave E ends closer to the mid 1.4400s.” That rally has yet to begin as the EURUSD has fallen below 1.4591 to test 1.4550 this morning. Still, at least a corrective bounce is expected to test 1.4670 and probably 1.4700 over the next day or two.
STRATEGY: 50% Long triggered at 1.4595, risk is at 1.4509, target 1.4730 (the big opportunity comes on the drop to the mid 1.44s)