Euro Bearish Below 1.4823
Commentary: There is no change to the call for a decline to come under 1.4569. Preferably price remains below 1.4742 (yesterday’s high) but the bias is bearish as long as price is below 1.4824. “The rally to 1.4823 is now viewed as wave b of an expanded flat within larger wave 2 of the 5 wave rally that began from 1.4310. Minimum expectations are for the decline to come under 1.4569 before the next bull leg begins. Very near term resistance should be strong at 1.4720. A bearish target is 1.4480. There is the possibility that the decline does extend much lower (given the strong pessimism surrounding the USD).
Strategy: Bearish, against 1.4823, target 1 at 1.4480 (hold on to half though)