Commentary: The appearance of 5 waves up from 1.4125 along with this morning’s decline suggest that a top may be in place at 1.4503. 1.4500 is an important psychological level. At the very least, a return to short term support at 1.4374 is expected, but this is likely a more significant top that will see a return to 1.4125 (4th wave of 2 larger degrees).
Evidence that this could be a more significant top includes the fact that the EURUSD just rallied 7 days in a row (this is rare…and previous instances indicated tops of at least a few figures), and overbought/ divergent daily RSI. Still, there is no sign of a 5 wave decline yet so be careful if attempting to short.
Strategy: Exit bullish position