Now that the EURUSD has broken through 1.5586 and confirmed our bullish bias, we can focus on bullish potential.
The advance from 1.5283 is probably either the beginning of a 5 wave bull cycle or a B wave of a flat or triangle. In all cases, the EURUSD is expected to exceed 1.5843. Near term resistance is at 1.5650 (6/10 high). We’ll look to add to longs next week. Risk can be moved to 1.5464.
Visit our recently updated Euro Currency Room for specific resources geared towards this currency.
STRATEGY: Bullish, against 1.5464, target above 1.5843