The idea that the fall started from 1.5904 is corrective in nature looks more and more the correct idea. The chart shows my working count which suggests that the movement started from 1.5904 developed as a triple corrective combination which ended with a triangle. This corrective pattern should be already over and in such a case one should expect deeper retracement in coming days (minimum 61.8 % and more likely 80.9 %). With an eye on these bullish expectations I give a strategy to enter long on some dips. A key support is 1.5411

Trading strategy: 03:24 EST; 07:24 GMT

Buy on dips to 1.5490, stop loss - 1.5410, target – open1.5805

Confidence level – high

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