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Going Long at Support

Going Long at Support

Richard Krivo, Trading Instructor

Instructor's Response:

This EURUSD pair was in a solid uptrend, then experienced a strong bearish move to the downside and now is stalled at a strong level of support.

See the chart below...

It also happens to be hovering over the 200 period Simple Moving Average which a very significant level. A break below the 200 SMA would open the door to more downside while a strong bounce off of it would indicate more upside potential.

Tomorrow's NFP announcement may be the catalyst in making this decision.

When a pair is in an uptrend, going long at support with a prudent stop is a solid plan.

chart 1 11 10 B

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.