From the EUR/USD monthly time frame chart, last month’s big candle climbed and closed above the 38.2 Fibonacci level. This month started with a retest back to the 38.2 Fibonacci level and seems like this level could possibly turn into support.
If the 38.2 Fibonacci level can hold then the next target is the 50 Fibonacci level at 1.2170.
If the EUR/USD retraces deeper, it has to first break 1.1730 and after that it could drop all the way down to trendline area (and level of broken resistance) 1.1505. This is analysis is for during this month.
Long-term traders may find it profitable to buy the Euro, and they should consider profit taking only if a daily candle closes below 1.1730.
This Chart comes courtesy of Forex Factory.