Forex Technical Analysis: Trend potential – We’re long with a tp at 1.11812.


Technical Observation:

After reaching the swing high of 1.11755, EURUSD retraced almost 38.2% the main move but could not reach the 50.0% fib level, this is a good sign that we are continuing to the upperside, while the price is not able to break below the 38.2% fib level, I expect further momentum to the upperside. The best if is the price can break above the swing high. If this is the case, then this will mean we’re continuing to the uipperside with my ideal take profit at 1.121. And on the other side, should the price break below the 50.0% fib level, then this will push the price to the lowerside.

Trade Recommendations

We’re long with a tp at 1.11812.

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