Euro Technical Outlook

A 4th wave triangle is complete and expectations are for an upside break through 1.4340 and then 1.4720. I wrote yesterday that “failure ahead of 1.4340 suggests that wave i of 5 (of C) may be complete. A small second wave could reach 1.4035/85 (Fibonacci support) before the advance continues. As such, short term traders may wish to trade from the short side the next several days. Longer term traders should wait for a better buying opportunity.” That second wave should complete this week. 1.4030 is potential support.