FX.co ★ Trading tips for EUR/USD

Following the prolonged rise in dollar, which led to the decline in EUR/USD, a sideways movement occurred in the market. It is indicated in the screenshot below as a blue rectangle.

While the pair is trading above the area, traders should consider taking long positions according to this plan:

As there is a three-wave (ABC) pattern, in which wave A represents the bullish pressure last February 17, traders can enter the market by buying from the 50% retracement level, with stop-loss set at 1.0620. Exit by taking-profit at the breakdown of 1.07.

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.