Euro Long Setup:
Price has creeped out of a wedge like pattern and into a less volatile environment. Currently resting on Weekly 78.6 fib level (swings from 2017 swing low to the Feb 2018 Swing High). There is a level of support just a bit lower at the 1.07686 that could come into play agin so the stop is set just below that. Target price will be the set near the previous high at 1.09913 which is very close to the physic level 1.10000 which correlates well. Sentiment at the moment is net short so a bullish scenario could actually play out.
1:3 risk reward.
Price has creeped out of a wedge like pattern and into a less volatile environment. Currently resting on Weekly 78.6 fib level (swings from 2017 swing low to the Feb 2018 Swing High). There is a level of support just a bit lower at the 1.07686 that could come into play agin so the stop is set just below that. Target price will be the set near the previous high at 1.09913 which is very close to the physic level 1.10000 which correlates well. Sentiment at the moment is net short so a bullish scenario could actually play out.
1:3 risk reward.