We contend that the market has already put in a major low below 1.4000 from a few weeks back and is now in the process of carving out a material base. As such, we will look to take advantage of the latest setbacks to establish a long position. The pullback has stalled out by the 61.8 fib retrace of the latest move, and subsequently produced a bullish outside day formation on Tuesday. Look for a break back above Tuesday’s high to now confirm outlook and likely set up the next higher low ahead of the next upside extension beyond 1.5015. STRATEGY: BUY @1.4465 FOR AN OPEN OBJECTIVE; STOP 1.4320. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON WEDNESDAY.