FX.co ★ Trading idea for the EUR/USD pair

The European Central Bank is scheduled to have a meeting today, during which the members will decide on the regulator's monetary policy, as well as interest rate.

Aside from that, there are also assumptions that the ECB will introduce new stimulus measures, which will lead to more intense pressure for the European currency.

If this happens, the euro has a high chance of falling further in price.

In fact, the quotes have already formed an ABC pattern on the daily chart, in which wave A is the downward movement recorded for the last two days.

If short positions were continued to be opened in the EUR/USD pair, price will most likely reach the bulls' stops at 1.16900.

Of course, risks are also needed to be monitored and controlled to avoid losing profit. As we all know, trading in this market is very precarious and uncertain, but also very profitable if we use the right techniques

"Price Action" and "Stop Hunting" were used for the strategy.

Good luck!