Analysing EURUSD. After breaking out of the uptrend, pretty significantly, I believe more bearish momentum could follow. I am cautious as I believe we will find resistance around the 61.8% fib retracement. I am not trading this pair until the price provides some more information.
After a very strong bullish run from the Swiss over the past few days, I am looking for a retracement to the 1.000 area. We have breached 2018 highs, and a retracement would be very healthy.
I am targeting the 1.00 region for multiple reasons:
- Key support/resistance price area
-Looking at the fib retracement - this correlates with the 61.8% fib retracement...