The wave [ii] correction from 1.5941 could have completed early at 1.5803 and wave [iii] higher is now developing. For this outlook to be true, we need an impulsive break above resistance seen at 1.6020 soon. Otherwise, this more complex correction in wave [ii] will be expected for a move closer to 1.5723 before wave [iii] will be ready to take over for the next impulsive rally towards 1.6655.
We are long EUR from 1.5665 with stop placed at 1.5585. If you are not long EUR yet, then buy near 1.5764 or upon a break above 1.6020 and use the same stop at 1.5585.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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