FX.co ★ Trading idea for the EUR/USD and GBP/USD pairs

Recently, almost all world currencies are rising against the dollar. And if we refer to the Price Action and Stop Hunting strategies, the possible transactions that we could take on them are very similar.

Yesterday, the euro traded at 1.21240, so as a result, a "double bottom" has formed, which is a great target for future short positions in EUR / USD, and could lead to two scenarios:

The GBP / USD pair has a similar picture, but the only difference is that its key level is 1.32. Such is clearly indicated by the wave patterns (ABC) formed in the chart, which shows that a decline could happen according to the scenario below:

As you can see, both currency pairs are now very similar, so it is best to trade in only one of them or divide the risks between them. This is because in both EUR/USD and GBP/USD, the same idea of strengthening the dollar is being worked on.

Good luck!