FX.co ★ Tips for trading EUR/USD

EUR/USD tested the weekly low yesterday, but during the US session, the decline halted, ending the day with a bullish correction. As sellers remained trapped at the level of 1.07500, an upward move may be seen in the pair today.

Looking at the three-wave pattern (ABC) where wave "A" represents the bullish momentum in the pair, market players could consider long positions after the breakout from the level of 1.07100. Set stop-loss at 1.07037 and take-profit upon breakdown of 1.07500.

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.