FX.co ★ Trading tips for EUR/USD

Following the decline in EUR/USD, which was due to the rising inflation in the US, a good buy-stop level is seen in the daily (D1) timeframe.

Considering that there is a long correction, it is likely that the end of it will prompt a further decline of the pair. The scenario will be like this:

This is a three-wave (ABC) pattern, in which wave A represents the selling pressure in the pair. With this, traders can enter the market by selling from the 50% and 61.8% retracement levels and set stop-loss at 1.08. Exit by taking-profit at the breakdown of 1.0655.

The 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.