The Fibonacci retracement
has seen the pair retrace back down towards 126.374 which is also on the uptrend support line and 50% Fibonacci mark. this comes after large gains over the yen but in the past few days and particularly in the past 72 hours we have seen strength in the yen over the futures
and stocks that have gained over the euro
. we can add that the U.S China trade talks influence the exchanges of the two pairs which has seen the retracement and support line retest. the trade talks are drawing to a close and potentially a deal is reached which will see better and convenient exchanges between the two nations.
i have identified an entry at 126.500 and targeting 127.500 and still remain long for a 128.11 target