FX.co ★ Tips for trading EUR/USD

Dollar turned down during the Asian session, leading to a breakdown of long positions on the M15 timeframe. At the same time, seller liquidity remains untouched below the level of 1.07500, showing a classic market maker trap.

Looking at the three-wave pattern (ABC) where wave 'A' represents today's upward momentum, traders should consider long positions from the 50% retracement level. Place stop-loss at 1.07 and set take-profit upon the 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.