From the basics of price action we have:
IH: initial high
IL: initial low
LH: lower high
LL: lower low
In the past, the price targeted exactly that 1.272 Fibonacci extension, which is at 1.095. If we apply the same principle for the next wave, we can also spot a support at the 1.272 extension, which is at 1.085.
The other scenario is the inverse head and...
So, we bounced from 1.0807, and we might be seeing a new highs before going further down.
We see that lower side of the channel is supporting the uptrend. We also got a nice bullish moves previous week.
For the take profit point, I picked the 1.272 extension of Fibonacci.
MACD is also in a perfect position to continue uptrend, so we probably won't see a deeper...
According to the analysis we could expect some minor retracement to the marked "Retrace area".
There is a possibility that we would just touch the top of that area. After that we could expect the price to go to 1.62.
I will be looking to go long at the retrace area (probably next week), and TP around 1.61.
![EURUSD: [EURUSD] Oh look what I've found!](https://s3.tradingview.com/r/RwJLo1rm_mid.png "[EURUSD] Oh look what I've found!")
