Wave summary:
Minor resistance at 1.5509 once again capped the upside keeping the sideways consolidation between 1.5298 - 1.5509 alive. We are still looking for a break above minor resistance at 1.5509 as the trigger for the next impulsive rally higher to 1.5969 and likely even higher to 1.6491.Short term, we must accept the possibility of a spike below support at 1.5298 for a move closer to 1.5254 to complete wave [ii] and set the stage for wave [iii] higher.
Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5255 or upon a break above 1.5509 and use the same stop at 1.5120.
The material has been provided by InstaForex Company - www.instaforex.com