Price is right at the 103 level and right above the 100 DMA. I am watching and seeing how price reacts around these levels. Anything under the hourly time frame is noise in my opinion.
Important economic reports to end the week. Unemployment claims tom at 7:30 CST.
The BIG ONE- Non-Farm payroll report Friday at 7:30 CST.
What to do?
I like to see price action around key levels. This pair is there right now. Just remember the events mentioned above, as can be high around these reports.
Here is my checklist before I take trades:
Is this trade worth taking?
* Where is the R/R right now?
* Is the market trending or ranging in the time frame you are watching? If trending, which way?
* Is price currently at a level that is obvious to all market participants? Remember, it is their orders that will push your trade to profit or loss. What are other traders seeing?
* What is the price action? Is it obvious?
* What would you regret more, passing on the trade and watching it go for 100's of pips without you, or losing a small % of your account?
* In my experience, mistakes of omission are far more painful than mistakes of commission.
After thinking through these questions, is this a trade you would like execute?