The correction from 1.4457 moved lower than expected and terminated at 1.4310, but the quick return into the base-channel indicates underlying strength. In the near term, we will be looking for a break above resistance at 1.4457 for a continuation higher to 1.4595. Now, a break above the base-channel resistance line near 1.4662 is likely to cause acceleration upwards. At this point only a break below 1.4310 will call for the expected upside pressure.
We are long EUR from 1.4335 and will move our stop higher to 1.4300. If you are not long EUR yet, then buy a break above 1.4457 with the same stop at 1.4300.
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