FX.co ★ Tips for trading EUR/USD

Strong data on US retail sales came out. However, for the EUR/USD pair, this may not the best news because it can lead to a third downward wave.

Looking at the three-wave pattern (ABC) where wave A represents October 12's bearish momentum, traders could considering short positions with a 50% retracement. Set stop-loss at 1.0580 and take profit upon the breakdown of 1.0495, 1.0483, and 1.0449.

The trading idea follows 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.