FX:EURUSD Euro Fx/U.S. Dollar
EURUSD saw immense selling during the Brexit, traveling over 400 pips in 8 hours. Since then the bulls have only been able to recover roughly 50% of that downward leg over the course of 2 weeks. With the lack of any prevalent moves and with a weak correction currently in play, another impulsive downward leg is anticipated in the sessions to come, potentially challenging the Brexit lows. The most logical area to enter in on this momentum is the 1.117-1.119 level. This area has acted as support for a swing point in the recent past and was where the bears drew the line when the bulls attempted to recover the losses post-Brexit.
I like the level highlighted on the chart as that is where the bulls got pushed back after their attempt to recover post-Brexit. And given the swing in the past, there's alot of orderflow parked at this area. Anything can happen--currently sitting at roughly +2RR on this one with no risk. If this area fails, 1.1235 looks like the next best place.