1.20000 is a key level if you draw it on your chart and go to the monthly timeframe then zoom all the way out you will see how many times it has been respected as both support and resistance over the years. Remember the higher the timeframe the level you find the stronger it will be, therefore more likely to hold.
Also remember to look at DXY when trading any USD pairing, especially EUR USD as it has a very good reverse correlation, meaning when DXY goes up EUR USD usually goes down and vice versa, This is a very important tool that most people overlook and do not use, which is probably why the majority of people fail.
So from this 1.20000 level i can only see upside moves, factor in with this the weakening of the USD through all the new money they are pumping into the US economy i can see EUR USD having a nice steady bullish run for the rest of the year, so holding this as a swing trade will end up been very profitable. Maybe not the 10,000 pips in the clickbait title ;p but this has the potential to run a few thousand pips.
If you would like any help with trading then just send me a message and i will be happy to answer any questions you may have.
Also remember to look at DXY when trading any USD pairing, especially EUR USD as it has a very good reverse correlation, meaning when DXY goes up EUR USD usually goes down and vice versa, This is a very important tool that most people overlook and do not use, which is probably why the majority of people fail.
So from this 1.20000 level i can only see upside moves, factor in with this the weakening of the USD through all the new money they are pumping into the US economy i can see EUR USD having a nice steady bullish run for the rest of the year, so holding this as a swing trade will end up been very profitable. Maybe not the 10,000 pips in the clickbait title ;p but this has the potential to run a few thousand pips.
If you would like any help with trading then just send me a message and i will be happy to answer any questions you may have.