We might see EURUSD going all the way to 1.1790 in the next several days, if not weeks.
The previous impulsive daily candles indicate that buyers were able to take control of the pair for the past few days, even breaking through the 1.1450 monthly resistance.
The previous weekly candle was a bullish pin bar on the 1.1300 key level, which signifies that buyers were in control of the momentum since last week. We might see this momentum to continue on if it happens to break 1.1570 and 1.16650, which is our -27.00% level.
As you can see from the Daily chart of EURUSD above, price bounced off the 78.6, a key fibonacci level of reversal. This retracement lines up perfectly as the -61.80% is right on the 1.1790 level, giving us a confluence.
To enter this trade, I’m going to be looking for a retracement to place a buy order. Price will possibly retest the 1.1450 level before shooting back up again.
Overall, I favor the upside momentum for this pair and will only be looking for buy setups unless there’s a break of structure.