FX.co ★ Trading tips on EUR/USD

EUR / USD rose after a false breakout at 1.15200 and report on US nonfarm payrolls. Since then, the quote has bounced back by 50%, which opens new opportunities for long positions.

As seen in the chart, there are three wave patterns (ABC), in which wave A represents the buying pressure from Friday to Tuesday. Taking this into account, traders could take long positions up to the 50% retracement level of 1.15600. Stop loss can be set at 1.15300, and take profit on the breakdown of 1.16200.

This analysis is based on price action and stop hunting strategies.

Good luck and have a nice day!