FX.co ★ Trading tips for EUR/USD

EUR/USD closed with a pin bar on Tuesday, which falsely updated the two-week level of sellers. This scenario calls for continued short positions in the pair.

Now, there is a three-wave pattern (ABC), in which wave A represents the selling pressure yesterday. This means that traders could enter the market by selling up to the 50% and 38% retracement levels. Set stop loss at 1.06700, then exit the market upon the breakdown of 1.06100, 1.05700 and 1.04400.

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

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