FX.co ★ Trading idea for EUR/USD

EUR / USD was bullish last week, breaking the downward trend that started at the beginning of October. And today, there is not only a breakdown of the short trend, but also a pullback, which creates favorable opportunities for long positions. Potential targets are the highs observed last October 4 and 14.

To be more specific, since there are three wave patterns (ABC), where wave A represents the buying pressure seen last October 13, traders can take long positions up to the 50% retracement level of 1.15750. Stop loss could be set at 1.154000, and then take profit on the breakdown of 1.16400.

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

Good luck and have a nice day!