FX.co ★ EURUSD Potential for Bullish Continuation

Description :

Looking at the Daily chart, my overall bias for EURUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market structure. To add confluence to this bias, price is also within an ascending channel. If this bullish momentum continues, expect the price to possibly continue heading towards the 1st resistance at 1.09445, where the 50% Fibonacci line is. In an alternate scenario, price could possibly head back down to retest the 1st support level at 1.07120, where the 38.2% Fibonacci line is.

Entry: 1.07891

Reason for Entry: Overlap support + bullish momentum from trend line and IKH

Take Profit: 1.09445

Reason for Take Profit:

Recent swing high resistance

Stop Loss: 1.04819

Reason for Stop Loss:

Recent swing low