EUR/USD is currently trading with a bearish bias. During the NFP's results release, Euro markets plunged down to the lower side and is still petty much bearish. We expect a possible bearish price rally towards 1.1047 or even lower. The anticipated downward rally can only be declared valid in case the pair clearly break below 1.1073. A breakout below this level will give us the green light to go short with an ideal target at 1.0959. This pair should be traded alongside NZD/USD, GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.
Wait for a clear breakout below 1.1073 then go short with an ideal target at 1.0959.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.