The upside movement is very strong and there is no serious correction at all. The chart shows one of the possibilities witch suggests that a flat correction is developing started from 1.5238. This idea suggests a fall below 1.5142 and if this happens, I will expect more downside i.e. a deeper correction of the recent rise. With an eye on this I remain on the short position opened on Friday but I have to admit that this position is too risky and there is still no signal for a beginning of a deeper correction. The alternative is the last few days movement to be a triangle (it is not clear bullish or bearish). From a short term point of view key resistance is 1.52636 while key support is 1.5160

Trading strategy: 09:10 EST; 14:10 GMT

Short position from 1.5163, stop loss - 1.5245, target - open

Confidence level – changed from medium to low

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