Technical summary:
The correction in wave ii proved to be a small expanded flat by reaching a new low at 1.5646 before taking off again with new impulsive power breaking clearly above resistance of 1.5920 this time. We are looking for support near 1.5920 for a continuation higher to 1.6310 as the next upside target on the way towards 1.6446, which will be the next major upside target.
In the long-term chart, the resistance line at 1.7175 has been broken now confirming that much more upside will be seen.
Trading recommendation:
We bought EUR at 1.5810 and will place our stop at the break-even level. If you are not long EUR yet, then buy near 1.5920 and use the same stop at 1.5810.
