We wrote yesterday that “we are longer term bullish against 1.5611 but expect a drop below 1.5783 in order to complete a 2nd wave correction from 1.6039.”
The EURUSD has come under 1.5783 and is nearing measured support from the 78.6% of 1.5611-1.6039 at 1.5703 and where wave W = wave Y at 1.5689 (reinforced by the 7/10 low at the same level).
STRATEGY: Bullish, against 1.5611, targets 1.6325 and above