Going Long at Support
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.
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