The chart shows my working count for the movement started from 1.4751. I think that a bullish triangle is developing which could be already over. With an eye on this I gave a strategy to enter long earlier today. A rise above 1.4686 will be a first signal for this idea and a move above 1.4724 â€“ confirmation. One should have in mind that if the euro rises upon my expectations, this rise could be marginal one and from levels around 1.4800 I expect a multi months fall with minimum target 1.3665 (see the midterm analysis for more details) On the other side a sharp fall below 1.4580 from current levels will indicate that the triangle is bearish one (not bullish as is shown on the chart) so I put a stop and reverse order below it.
Trading strategy: 09:35 EST; 13:35 GMT
Long position from 1.4629, stop loss - 1.4579 (stop and reverse), target - 1.4780
Confidence level â€“ changed from moderate to high
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.