The chart shows the movement stared from Friday’s low 1.5302. It is spectacular but I think that we deal with a corrective movement, not with an impulse. If this suggestion proves to be correct, a complex corrective combination is currently under way. When it finishes, one should expect a retreat of at least 61.8 % retracement (the corresponding level is 1.5385 if the movement is over at 1.5518). With an eye on this idea I entered short position which target will be determined later. A key resistance is 1.5586, not the current high 1.5518 because the movement started from 1.5302 could turn out a triple corrective combination (in such a case the current fall from 1.5518 could be a second wave X before another three waves movement up)

Trading strategy: 10:21 EST; 15:21 GMT

Short position from 1.5517, stop loss - 1.5590, target - open

Confidence level – changed from low to medium

Trading strategy: 09:22 EST; 14:22 GMT

Sell at market (1.5517), stop loss - 1.5590, target - open

Confidence level – low

Trading strategy: 05:12 EST; 10:12 GMT

Long position from 1.5375

Exit the long position at market (1.5431) with profit 56 pips

Stand aside

Trading strategy: 03:20 EST; 08:20 GMT

Buy at market (1.5375), stop loss - 1.5300 (stop and reverce) , target - open

Confidence level – medium

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