A strong bearish momentum went through the euro yesterday, so as a result, the quote reached the round level of 1.17.
This means that traders who have opened long positions in the pair earlier have fallen into the trap and are now only below the levels 1.17200 and 17.0000.
Anyhow, if you want to trade in the direction of yesterday's initiative, you can do it cost-effectively through a pullback as presented below:
With the current bearish thrust, draw a 50% retracement zone. Such could give profit, about 1 to 1.
Of course, you still have to monitor the risks to avoid any losses. Remember that trading in this market is precarious, and will only be profitable if you use the right strategy or approach.
Good luck!
