FX.co ★ Trading idea for EUR/USD

As expected, the ECB press conference yesterday halted the fall of EUR / USD around 1.18.

This is ideal for bullish investors because the sell stops are at 1.19 this month. It would be unprofitable if sellers continue shorting the pair.

Thus, it is best to take long positions and push the price up.

To be more specific, since there is a three-wave pattern (ABC) where wave A represents the buying pressure observed on August 20, investors can open long positions along the entire wave C shown in the chart. Then, take profit on the breakdown of 1.19.

This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice day!