FX.co ★ Trading plan for EURUSD on September 22, 2022

Hello, dear traders! Here is the trading plan for EURUSD.

So, EUR/USD soared yesterday, following Fed Chairman Jerome Powell's press conference. Today, in the course of European trade the quote was on its way to yesterday's extreme level. In terms of the Stop Hunting strategy, long positions could be considered according to the following scheme:

Thus, we have a wave structure that consists of three waves "A-B-C," with wave A showing today's upward movement. Therefore, long positions could be considered at the Fibonacci retracement levels of 61.8% and 50% on a pullback, as seen on the chart. Stop Loss and Take Profit stand at 0.98 and 0.99 respectively. The trading plan is based on strategies "Price Action" and "Stop Hunting".

Have a nice trading day and don't forget to manage risks!