EUR/USD Elliott Wave Forecast in 15 Minutes chart
Bullish trend is present in EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Forecast few hours ago, during my daily Forex Live Trading Room session, 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.
Price has started the bullish leg wave iii. Strong key support level is present at 1.2246 price level which is the termination point of Bullish Impulse wave i leg. In my opinion, price action in EUR/USD currency pair has not completed bullish wave iii motive Elliott wave pattern. So, based on Elliott wave forecast, Bullish impulse wave iii leg is going to move price up, towards 1.2300 price area in coming trading hours.
Next, price action is most likely going to print a short term top as well in coming trading hours after completing bullish impulse wave iii 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 favour of market trend. Currently, bullish wave iii leg which is part of the Bullish motive Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.2280 price area.
However; if the price action in EUR/USD spot Forex pair breaks below 1.2246 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.