Good day forex traders.
It is almost the end of the trading week and I hope all is well so far. Proper money management in forex is definitely crucial and I hope you do practice it!
In the previous EUR/USD forecast I spoke about the bollinger bands and how it would affect the currency pair. Furthermore the US Non Farm Payrolls results would probably provide good sentiments for the markets.
Indeed so, the bollinger bands remain reactive to the price action as seen from the EUR/USD daily chart above. The currency pair is also making higher lows so far and remains a sign of positive sentiments as mentioned in the previous EUR/USD forecast.
The current price action has some makings of a squeeze as the range gets smaller and hence caution is advised. Pay close attention to see if a higher high would be created.
Do be careful as it is Friday tomorrow and unexpected spikes may happen due to traders closing their positions.