Following the EUR/USD update of 29th May when I decided to step back and let the next move unfold, the Euro has been climbing quite steadily. Having come this far, we are now in a position to look for turning points on both sides. For example, there is a reasonbly good chance to run into some profit taking near 1.4775 (early birds will try even at 1.4730 area to exit longs). A dip to 1.4560 should ensue. Later on, either from 1.4560 (or from 1.4450) we will see one more attempt higher. We will watch that last mentioned move with interest because that will be the fifth wave in the current move up. We will, at that time, try and determine where the move will finish, and get ready for a significant decline that will take us back all the way down below 1.4000. (yes, it does look improbable now, but we shall see).
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