EURUSD likely to target 1.16800 & fall towards 1.15000

Currently EURUSD is consolidating an upmove towards monthly pivot on daily TF. The consolidation target would be the area near 1.16800. Once the price hits the monthly pivot, we can likely expect the downtrend to resume. A swing low was already broken and what is happening currently is just that the price is retracing towards the broken support.

The 1.15000 is a concrete psychological support. so its advisable to use it as a TP target. assessing the risk to reward ratio is important as well. once the price retarces i will post a short trade idea with entry and exit details based on RR.