FX.co ★ Tips for trading EUR/USD

EUR/USD made a bold attempt to break the downward trend, and succeeded in the M15-M30 timeframe. After the bullish initiative, the quotes retraced, which could trigger the third wave within a new upward trend.

Seller liquidity could be seen above the peak of the last two days, beyond the level of 1.09.

Considering the three-wave (ABC) pattern where wave A represents today's upward momentum, traders could open short positions with a 50% retracement from the Fibonacci level of 1.211. Set stop loss at 1.10300 and take profit at 1.10900.

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.