The decline in red wave v of (v) extended below the long term support line at 1.4700. We expect this to be a classic case of overshooting. We are still looking for a firm bottom and will be looking for a break above minor resistance at 1.4667 and a break above 1.4800 to confirm that a bottom is in place. Short term, minor support at 1.4611 will ideally protect the downside from the expected break above 1.4667. Only a break below support at 1.4586 will indicate that the bottom is not in place yet.
We are long EUR from 1.4725 and will place our stop at 1.4580. If you are not long EUR yet, then buy a break above 1.4667 with the same stop at 1.4580.