FX.co ★ Trading idea for EUR/USD

Euro finally declined after an almost two weeks rally.

Considering this, traders may enter the market by opening short positions in EUR / USD.

In fact, since a three-wave pattern (ABC) was formed in the trading chart, wherein wave A is the selling pressure yesterday, players can start selling the euro in order to trigger a 50% pullback from 1.22100-1.22200. Place stop loss at 1.22500, and then take profit on the breakdown of 1.21600.

The plan above follows the Price Action and Stop Hunting methods.

Good luck and have a nice trading day!