FX.co ★ Trading tips for EUR/USD

EUR/USD rallied on Thursday, hitting the 50% retracement level.

This situation opens the opportunity for sellers to work for a price decrease.

So, given that there is a three-wave (ABC) pattern, where wave A represents the selling pressure in the market, traders can open short positions from current prices up to the 50% retracement level. Set stop loss at 1.07 and take profit on the breakdown of 1.03300.

This strategy is based on the Price Action and Stop Hunting methods.

Good luck and have a nice day!