Euro Wave 4 Correction

Commentary: We wrote yesterday to “expect a small 4th wave correction that could reach 1.4434 before a new high in wave 5.” That small correction may be underway now as the pair has traded down from 1.4731.

A slight new high (above 1.4731) can not be ruled out before the larger correction takes place. Still, the next good opportunity comes on buying the expected wave 4 dip near 1.4500, for a run to 1.5000.

Strategy: Flat