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Trading idea for EUR/USD

Trading idea for EUR/USD

EUR / USD declined very sharply in the past days. Unsurprisingly, it bounced back by roughly half of the previous movement, opening a good opportunity to take new short positions. This is likely to provoke another decline to below the yearly low located just above the round level of 1.15.

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Trading idea for EUR/USD

The chart clearly shows that there are three wave patterns (ABC), where wave A represents the selling pressure last Friday. So, using Price Action and Stop Hunting, bearish traders should sell from 1.16100 to the 50% retracement level. Place stop loss at 1.16500 and take profit on the breakdown of 1.15200

Good luck and have a nice trading day!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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