EURUSD Major Forex Pair

Following Trump’s tariff policies announced on Friday, the price of the EURUSD forex pair broke the daily higher high structure and is now returning to retest that level. This morning, the price bounced off the 0.618 daily Fibonacci level, suggesting that it may move upward again, potentially reaching the major high around 1.12000 or hitting one of the Fibonacci extension levels.

Improved Price Action on the 4-Hour Chart

I have shifted down to the 4-hour chart to analyze the price action in more detail. While it appears somewhat chaotic due to Friday's news and the aggressive bullish impulse, it’s encouraging that the price broke through the higher high structure and is now retesting it.

At this point, I would like to see the price remain above the 0.618 daily Fibonacci level and stay within the upward trendline. Additionally, the price is forming a symmetric triangle. Once it breaks out of this pattern, I plan to enter a buy position with a risk-to-reward ratio of 1:2, targeting the supply area near the major high.

A Range of 200 Pips

Now, on the 2-hour chart, I have closely examined the range to the major high, and there are roughly 200 pips from where the price could break out of the symmetric triangle.

I will provide an update as more price action develops later in the week, so stay tuned!