The GBP had a 1.5%-1.8% rally today and it needs to retrace if it want's to keep up this upmove. Euro on the other hand has been going down (fx eurusd) and is looking like a potential long especially if the us unemployment is worse than expected. Currently I am expecting just a pullback to 0.236 fib level.
Technically:
The price is at a support level.
And if you would squeeze the chart you could see that it is also a multiple fib confluence zone.
The position:
I haven't yet entered but if it the price reaches 0.7233 before retracing to approximately my target I will probably buy.
Event risk:
Economic calendar
www.forextime.com/eu...ls/economic-calendar
Technically:
The price is at a support level.
And if you would squeeze the chart you could see that it is also a multiple fib confluence zone.
The position:
I haven't yet entered but if it the price reaches 0.7233 before retracing to approximately my target I will probably buy.
Event risk:
Economic calendar
www.forextime.com/eu...ls/economic-calendar