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

As expected, the euro pulled back to 61.8% Fibonacci level, which opens the opportunity to instigate another decline in EUR / USD.

In fact, according to the daily chart, the quote has already formed a wave pattern (ABC), in which wave "A" is the downward move observed from January 7 to January 11.

Given such a scenario, the best strategy is to open short positions from 1.22200 to 1.22400, the limit of which is 1.23, while the target is 1.21200.

Of course, risks are needed to be monitored to avoid losing money. Trading is very precarious, but also profitable if the approach used is correct.

For the above strategy, Price Action and Stop Hunting were used as trading methods.

Good luck