EURUSD demonstrated a sharp movement higher after touching the 50% retracement of its first setup bull leg. It is reasonable to be taking profit around the 61.80% area if one's short or having limit buy orders if one's looking for a pullback trend continuation play. At this point, we've had a measured move lower, some call it a bear trap, and a sharp reversal higher into the previous trading range. In terms of probability, reaching the top of the trading range around 1.1875 seems has better odds.
Trade closed: target reached:
The top of the trading range reached. Some reaction might ensue from here.
