The EUR/USD pair is currently on a bullish trend. However, it is currently correcting to the down-side (pullback) which will probably go for about 80 PIPS as it approaches key levels of Fibonacci.
I believe that it will bounce off closer to the 61.8% Fib level and reverse to the upside. If this plays out, it could mean a 200+ PIP move to the upside!
EUR/USD Trading Analysis
I suggest waiting for the correction to finish downwards.
It should hit support closer to the 61.8% Fib level (around the 1.22255 level), that is where I will be taking my BUY to the upside.
Profit Target 1 would be around: 1.23859
Profit Target 2 would be around: 1.24422 (For over 200+ PIPS!)
Here is my visual analysis of the move:
Like mentioned in the past, this is simply an idea based off of the skill-set I have acquired while trading Forex. The markets will do what the markets will do, but this is a high percentage trade that should follow the technical analysis shown.
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Disclaimer: If you do decide to take this trade, please know it is at your own risk. This is simply an idea. Past profits do not guarantee future profits.