FX.co ★ Trading tips for EUR/USD

Following the strong decline last Friday, which was related to the closure of many long positions, a key support level was formed around 1.08, where buyers could place their stop-loss orders.

Considering that there is a three-wave pattern (ABC) in which wave A represents the selling pressure in EUR/USD, traders could enter the market today by selling from the current prices up to the 38% And 23% retracement levels. Set stop-loss at 1.0915, and then exit the market by taking profit after the breakdown of 1.08.

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.