Here is my analysis for EURUSD. I am looking to go long at this region for the following reasons.
1) Price is now at the weekly Fib 0.618 level 2) Price is rejecting the 1.12 key support zone 3) Technically a 4hr higher high was made so this could be a higher low and therefore trend reversal
Stop Loss is around 40 pips to leave it below previous lows through 1.12
I am targeting the previous highs at 1.15 first. The see what happens from there.
*** A Safer option would be to wait for the break and retest of the recent bearish trendline I have marked on the chart.***
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