Wave summary:
The pair spiked lower to 1.4838 only to see the strongest rally since July. This indicates that the bottom we have been looking for is eventually in place. That said, we still need more evidence to confirm that the long-term correction from 1.9023 has completed finally and a new impulsive rally is unfolding. The first strong evidence was the powerful rally off the 1.4838 low. A close above the resistance line from 190.23 near 1.5516 will be the next strong evidence, while a break above resistance at 1.5764 will confirm the low for a new impulsive rally higher to 1.7273 and above.
Trading recommendation:
We bought EUR at 1.5010 and will place our stop at 1.5150 securing a profit no matter what happens. Take profit will be placed at 1.5650.
