FX.co ★ Trading idea for EUR/USD

This plan is a continuation of Friday's bullish strategy on EUR / USD.

Powell's latest statements did not change the market scenario in any way. Instead, it led to more buying pressure in the pair:

The chart clearly shows that there are three wave patterns (ABC), where wave A represents the long positions last October 12.

Following the previously presented plan, traders should buy up to the 61.8% and 50% retracement levels of 1.16200. Set stop loss at 1.15700 and take profit on the breakdown of 1.16700 and 1.19000.

Refrain from taking short positions, otherwise, profit may be lost.

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

Good luck and have a nice trading day!