We are back at the low from mid-January. Looking at the monthly chart, we can see that strong support is found near 1.4700. We also have a big doji candle in January indicating a possible bottom being in place or at least nearby. However, to confirm a bottoming being in place, we need a five wave rally and even better a break above 1.5231. As long as minor resistance at 1.5026 protects the upside, the trend remains lower towards 1.4700.
We are neutral, but will buy EUR at 1.4725 with a stop at 1.4675.
The material has been provided by InstaForex Company – www.instaforex.com