Yesterday we saw quite bumpy movements in the EUR/USD pair front line. After reaching 1.3014 high it fell to 1.2945 low. The reason for this reversal was partly due to a big upward revision on U.S. 3Q GDP and better than expected home sales in October. Besides, there were too many pending sell orders just above the 1.3000 line that simply could not be ignored.
Right now it's better to buy EUR/USD on dips, 1.3010 is a good level to enter long trades with profit targets fixed at 1.3045, 1.3080 and 1.3100. Stops could be set at 1.2987 to avoid any unexpected nasty reversal surprises. Moreover, if the price goes lower than this, selling the EUR/USD pair might be not such a bad idea with stops set above today's high. Especially since today is Friday, which means anything is possible.
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