? EUR/USD Uptrend Reaches Next Target at 1.1750 ?

Dear traders,

the EUR/USD has managed to reach the next expected target at the 1.1750 round level. This strong resistance zone is likely to create some type of correction. But how far?

EUR/USD

Price Charts and Technical Analysis

The EUR/USD pullback could be mild. Especially when we consider the strong bullish momentum. This wave pattern is likely a wave 3 (purple). The correction will therefore probably be a shallow wave 4 (purple). Price could respect either the 23.6% or 38.2% Fibonacci retracement levels. A break below the 61.8% Fib invalidate (red x) the bullish outlook.

The main two main scenarios are either a bullish bounce or breakout. A bounce could occur at the 38.2% Fib and 144 ema close. A breakout above the bull flag chart pattern needs to see price clearly push above 1.1775-1.18. The main targets are 1.1875 and 1.20.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea