On the 8hr chart, you can see that a nice triangle has formed over the past few months. Triangles usually break out in the direction of the previous trend. The rally from the WaveE low looks choppy, but much accumulation has taken place (i.e. up days on higher volume). Price is consolidating below the 61.8% retracement level of the decline from d to e.
On the 2hr chart, it looks like Wave1 of the ascent from 1.4438 is an overlapping 5-wave diagonal. Wave2 is a simple 3-wave correction. Now it looks like Wavei of Wave3 is starting. My plan is to trade a breakout into Waveiii of Wave3, with a stop below Wave1 (which ended at 1.4708).
The 15-min chart shows a nice 5-wave bullish sequence followed by 3-waves down. Ideally, I would place my entry above 1.4765, but to reduce risk, I will place an entry order to just above the descending trendline, at 1.4740.
•The SSI index has grown more net short as price has risen. Retailers think the trend is down, but they are usually wrong.
•Commercial traders on the EUR are at a net-long extreme.