My working count suggests that the movement started from 1.5340 (24 March) is a terminal impulse (ending diagonal). The chart shows part of it and I think that we are currently in wave 5 for a move above 1.5912. With an eye on this idea I entered long earlier today. However one should bear in mind that the expected up-move is marginal upon me and I would expect a sharp sell-off later. An initial rise above 1.5912 followed by an immediate fall below 1.5670 would be a confirmation for the terminal impulse idea. In such a case the minimum target till the end of the month should be 1.5340 and much lower later.

Trading strategy: 10:03 EST; 15:03 GMT

Long position from 1.5770, stop loss - 1.5690, target - 1.5915

Confidence level changed from low to high

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.