FX.co ★ Tips for trading EUR/USD

Following the downward movement seen in EUR/USD last Friday, prices got stuck between two breakouts just before the weekend in the US and Canada.

The best action in this situation seems to be buying from the lower breakout, with target set at the level of 1.0900. Close part of the position upon hitting the level, and then observe the pair's behavior around it. A breakdown of 1.0900 and Friday's high at 1.0920 will form a bullish three-wave pattern, with targets at 1.0930 and 1.0940.

Falling below 1.0900 will trigger at least 1,000 pips of downward movement, in the direction of 1.0800.

This trading idea came from the "Price Action" and "Stop Hunting" methods.

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