The bullish trend is present in EUR/USD currency pair, 15 minutes chart. The price of EUR/USD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
Strong key support level is present at 1.1433 price level which is the ending point of bearish wave 4 leg. In my opinion, price action in EUR/USD currency pair has completed Bearish wave 4 corrective pull back. Based on Elliott wave forecast, bullish wave 5 is now in progress. So, I expect the market to resume the up trend and rise towards 1.1495 price area in coming trading hours.
Next, price action is most likely going to prints a top as well in coming trading hours after completing bullish wave 5 impulse wave pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current EUR/USD bullish trend as it is always easy to trade in the favor of market trend. Currently, bullish wave 5 leg which is part of the Bullish Impulse Elliott wave pattern looks half finished. A good idea is to look for a possible buy trading chance to join an up trend.
However; if the price action in EUR/USD spot Forex pair breaks below 1.1433 important support level then Bullish Elliott wave Forecast will become invalid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart.
