Wave summary:
We continue to look for a break above minor resistance at 1.5568 confirming that the correction from 1.5839 completed with the test of 1.5187 and a new impulsive rally towards 1.6428 and above is developing.We have seen a lot of false attempts to continue the impulsive rally from July's low at 1.5072, but eventually it seems as the next impulsive rally is unfolding up for a break above 1.5568, confirming renewed upside pressure here.
Trading recommendation:
We are long EUR from 1.5410 with stop placed at 1.5175. If you are not long EUR yet, then buy near 1.5400 or upon a break above 1.5568 and use the same stop at 1.5175.
The material has been provided by InstaForex Company - www.instaforex.com