FX.co ★ Trading tips for EUR/USD

Demand for dollar declined last Friday despite seeing another jump in US inflation.

XAU / USD:

EUR / USD:

That is why EUR / USD is in an upward trend, supported by the bullish momentum within the ongoing three-wave pattern (ABC).

And since the pair has such a pattern, where wave A is the observed buying pressure last Friday, traders can open long positions up to the 50% retracement level of the current price. Set stop loss at 1.13240 and 1.13820, and take profit on the breakdown of 1.20500.

This strategy is under the Price Action and Stop Hunting methods.

Good luck and have a nice day!