Greetings traders,
For EURUSD, I’m expecting this pair to rise to 1.14043. If you look at EURUSD on the daily timeframe, you will see that this currency pair just broke through a trend line that the pair has been under for about 5 months now. Breaking through this trendline and retesting the trendline signifies that this pair will likely to keep going up.
Currently, the pair is bouncing off a daily support and forming a falling wedge, which is likely to breakout to the topside. Our entry will be 1.11968. Stops will be placed at 1.11510 and the final target will be 1.14043.
Entry: 1.11968
Take Profit 1: 1.12431
Take Profit 2: 1.12902
Take Profit 3: 1.13449
Take Profit 4: 1.14043
Stop Loss: 1.11510 (45 pips)