Technical summary:

If a new impulsive rally begins, the potential downside progress should be very limited from here. In the short term, a break above 1.4320 will be the first indication that red wave ii could be over, but a break above resistance at 1.4461 will be needed to confirm that red wave iii is developing and the bottom should be set at 1.4128.

Trading recommendation:

We will buy EUR upon a break above 1.4320 (say at 1.4330).