Euro Technical Outlook

The EURUSD has advanced as expected this week and faced resistance just above 1.5800.

The possibility remains that this rally will reach a new high within the next 3 to 4 weeks so longer term bulls should be patient. Even if a larger correction is underway from 1.6018, then a test of 1.60 is possible, if not probable, because the drop from 1.6018 is in 3 waves. This would be wave A of a flat and B waves of flats often retrace 100% of wave A. In summary, stay bullish until further notice.
STRATEGY: Bullish, against 1.5630, target TBD