The 350 pip rally for the past 2 weeks seems like a trend reversal for EURUSD, with buyers back in control. The strong bullish momentum is also confirmed by the Golden Cross, a historic buy signal. Corrections are healthy for the trend and we currently looking at one. For the past couple of days, the EUR lost 100 pips and its now reaching towards the 60 period MA. Should we see another 30 pips drop, the price will align with the critical 38.2% Fibonacci retracement, which often acts as a solid support. We would prefer to enter a buy order at 30 pips below the current market price, because this will secure a better risk to reward ratio and entering at the expected bottom of the correction also reduces the potential drawdown.
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