The chart shows the movement started from 1.5447 (Friday’s low). I think that the whole fall started from 1.6018 (22 April high) developed as a double corrective combination which ends with a triangle and finished there. If I am correct, one should expect at least deep retracement of the said fall (minimum 61.8 % retracement). With an eye on this idea I will try to enter long. An important support is 1.5500. In case of a fall below it one should expect a re-test of 1.5447 low but only below it will made the picture bearish. A rise above 1.5602 will signal that the up-move has already resumed.

Trading strategy: 03:53 EST; 18:53 GMT

Buy on dips to 1.5545 or on break of 1.5604 (buy stop order at 1.5605), stop loss - 1.5500 or 1.5555, target - open

Confidence level – high

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