FX.co ★ Trading tips for EUR/USD

Massive purchases were seen yesterday, after the release of the latest inflation data in the US. However, during today's trading session, there is a rebound to the 50% retracement level, which gives opportunities to open new long positions in the market.

Seeing that there is a three-wave pattern (ABC), where wave A represents yesterday's bullish pressure, traders could enter the market by buying from current prices up to the 50% retracement level. Set stop loss at 0.964000, then exit the market on the breakdown of 0.98.

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

Good luck and have a nice day! Don't forget to control the risks.