The EUR/USD pair has indicated a potential trend reversal towards the long side on the 1-day timeframe.
However, on the 4-hour timeframe, it currently rests upon a strong trendline. Should it witness a significant breakdown below 1.08745 followed by a retest, we might consider a short position, taking into account the Fibonacci 0.6 level and overall market behavior.
There's a considerable probability that even after the breakdown, the pair could persist in its upward trend.
Nonetheless, if it moves in the direction we anticipate, we could easily seize a 125-pip gain initially, with a secondary target of 195 pips
However, on the 4-hour timeframe, it currently rests upon a strong trendline. Should it witness a significant breakdown below 1.08745 followed by a retest, we might consider a short position, taking into account the Fibonacci 0.6 level and overall market behavior.
There's a considerable probability that even after the breakdown, the pair could persist in its upward trend.
Nonetheless, if it moves in the direction we anticipate, we could easily seize a 125-pip gain initially, with a secondary target of 195 pips