FX.co ★ Trading idea for EUR/USD

EUR / USD rolled back as expected, which opens new opportunities to take long positions.

As seen clearly in the chart, there are three wave patterns (ABC), where wave A represents the buying pressure last October 11-19. Following the previously presented plan, traders should buy up to the 61.8% and 50% retracement levels of 1.16 and set stop loss at 1.15550.

Then, close 2/3 of the position on the breakdown of 1.16700.

Close the remaining 1/3 on the breakdown of 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!