FX.co ★ Tips for trading EUR/USD

The statements made by Fed Chairman Jerome Powell halted the decline of EUR/USD right at the lower boundary of the upward channel.

This, along with the pair's rise early in the morning, formed an area for sellers at the level of 1.08423.

Considering the three-wave pattern (ABC), where wave A represents today's upward movement, market players could open long positions, with stop-loss set at 1.07930 and 1.07700, and take-profit locked at the breakout of 1.08400, 1.08800, and 1.09300.

The trading idea came from the framework of the "Price Action" and "Stop Hunting" strategies.

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