FX.co ★ Trading tips for EUR/USD

A strategy was presented yesterday , where the target is to break down the level of 1.05.

plan:

As expected, a strong buying pressure took place, which led to EUR/USD closing the day with a complete absorption.

The price movement was more than 700 pips, so congratulations to those who followed the strategy!

But since the pair is not yet on the second target price level, buyers can still continue their positions.

Considering that there is a three-wave (ABC) pattern, where wave A represents the buying pressure yesterday, traders can take long positions, with a rollback to below 1.10700. Set stop loss at 1.1 and take profit on the breakdown of 1.11400.

This trading idea is based on the Price Action and Stop Hunting strategies.

Good luck and have a nice day!