On the EU daily chart
, we have a few reasons why we could see a rally in the Euro
, we have recently broken the previous swing point on the daily chart
(where the green arrow is). This is telling me any decline in the Euro
could be subject to buy into, measuring the previous swing from low to high, we have a nice confluence of basic support and the 61.8 fib. This is going to be a very sensitive level for the euro
. I think we could see the Euro
trade higher into around the 1.3811 area, assuming we do end up rallying as planned, simply put, take the most recent price decline, and DOUBLE that leg higher, you get where I am looking at. Now this is assuming that the market rallies right out of where we are now, as market conditions change my plan will change as well. Happy trading.
PS this is my first publish EVER, hope it is of some use.