Our Position Explained

EUR/USD opened a week at 1.2759 which was just below 38.2% fib at 1.2781 (See the chart below). This is second bullish weekly closed for EUR/USD and closed above 38.2% fib. We took our long position at 1.2869 and currently up +23 pips with one lot EUR/USD. You can see that on the chart below. We left the position open for next week, as we expect EUR/USD to continue its upward move.
NFP report came better then expected and investors are getting into more risky assets like EUR/USD. On the other hand, JPY fell against most of the major currencies. We don’t believe it’s a one day action. We placed our profit target at 1.2950 which is just below 1.2993 next resistance. Our stop loss is at 1.2800. That is 1:1 risk reward.


Have a nice long weekend, Canada, U.S.

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