FX.co ★ Trading tips for EUR/USD

EUR/USD went into consolidation after declining early this week. Now, it can be traded through the classic three-wave pattern in the daily (D1) chart.

Since recent price movements form a three-wave pattern (ABC), where wave A represents the bearish pressure early this week, traders could enter the market by selling from current prices up to the 50% retracement level. Stop loss should be at a false breakdown, or at 1.03500. Take profit on the breakdown of 1.01247 and 1.01

The trading idea is based on the framework of "Price Action" and "Stop Hunting" strategies.

Good luck and have a nice day!