EURUSD | could potentially sink down further
Hey Traders!
NFP came out positive for the US dollar we saw some bearish pressure, althought we are currently on a bullish channel, I believe we might re-test lower maybe the previous area of support which is around a 30-40 pip move to the downside, then we have 200 moving average that is about 50 pips away, if all this is broken then we might see a higher timeframe bearish continuation starting to happen which could take this trade much lower.
Overall this is a pullback trade, so these tend to be a lot riskier, its also friday so the lack of volatility might not take this trade anywhere, maybe even a pullback back to the moving averages, and only next week we might see this trade develop further.
NFP came out positive for the US dollar we saw some bearish pressure, althought we are currently on a bullish channel, I believe we might re-test lower maybe the previous area of support which is around a 30-40 pip move to the downside, then we have 200 moving average that is about 50 pips away, if all this is broken then we might see a higher timeframe bearish continuation starting to happen which could take this trade much lower.
Overall this is a pullback trade, so these tend to be a lot riskier, its also friday so the lack of volatility might not take this trade anywhere, maybe even a pullback back to the moving averages, and only next week we might see this trade develop further.