Wave summary:
We have seen the expected decline closer to 1.5366 (the low has been seen at 1.5328 as an expanded flat wave [ii] has unfolded. We are now looking for a break above minor resistance at 1.5545 to confirm that the correction in wave [ii] is complete and wave [iii] higher is developing.
When an expanded flat correction is seen as the second wave, it does tell us what we can expect from the third wave. After an expanded flat second wave an extended third should be expected and this mean the minimum target for wave [iii] will be 1.618 x wave [i] = 1.5945, but we suspect that this wave [iii] will extend even more and likely closer to 2.618 times wave [i] calling for a rally to 1.6326.
Trading recommendation:
We are long EUR from 1.5370 with stop placed at 1.5187. If you are not long EUR yet, then buy a break above 1.5545 and use a stop at 1.5320.
