The Euro has slightly retraced 61.8% of the prior downmove at this current time and is trading inside of the previous low volume zone found in yesteday's chart (visible in profile).
The FTR TrendBreak PB Alert Indicator which printed a 240M reversal notification caught the upmove with stops defined as per the image.
In swing trading we utilize the Volume Profile as well as the tools to identify areas where price is likely to trade through very quickly.
The point of understanding how to read the profile is to know when price is ready to leave a consolidation areas, so that we can trade out of it and catch a trend.
Price Targets are indicated above near 1.19 by Price Magnets Indicator.
The Price Magnets work to identify areas of unfinished business, this area is supposed to hold many unfinished orders since price moved away from the trading range very rapidly; not giving traders enough time to manage positions accordingly.
We expect predictive price behavior to show itself near this price magnet level, which also coincides with the FTR Support Resistance Indicator. This level tells us that if price can trade above it, it is likely to find support on top of this level.