Technical summary:
The expected a target at 1.5640 to be tested. We expect minor correction from 1.5640 down to 1.5290 before the next strong impulsive rally towards 1.6477 and even higher if red wave iii extends strongly. As wave (ii) was flat, we are looking for an extension in wave (iii) and that would call for a rally at least to 1.7154, where wave (iii) will be 161.8% the length of wave (i).
Be aware that a clear break above 1.5640 is likely to call for much more upside pressure towards 1.6027 as the first minor target.
Trading recommendation:
We are long EUR from 1.5080 and will move our stop higher to 1.5450 and take profit at 1.5630. We will re-buy EUR at 1.5305.
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