Technical summary:
After a small consolidation, we belive that the next strong upside rally is about to be seen, and a break above 1.6159 will confirm acceleration towards the next upside target at 1.6446.In the short term, we expect minor support at 1.6050 to protect the downside for the break above 1.6159 for the move higher towards 1.6446. However, an unexpected break below 1.6050 will delay the expected upside pressure for a move closer to 1.5942 before up again.
Trading recommendation:
We are long EUR from 1.5810 with stop at 1.5935. If you are not long EUR yet, then put EUR near 1.6050 or upon a break above 1.6159 with the same stop at 1.5935.
