FX.co ★ Tips for trading EUR/USD

EUR/USD moved to a short correction after showing a strong bullish momentum early in the week.

Considering the three-wave pattern (ABC), where wave A represents the upward movement from the beginning of the week, market players could take long positions from the 50% retracement level of the breakdown area as shown in the chart above. Set stop-loss at 1.07830 and take-profit at the breakdown of 1.09351.

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.