FX.co ★ Tips for trading EUR/USD

Following a sharp upward momentum, EUR/USD updated the level hit last September 22 and entered a correction.

This opens the opportunity for a further price decrease.

Looking at the three-wave pattern (ABC) where wave A represents today's downward movement, traders could consider short positions, with a 50% retracement level.

Set stop-loss at 1.0694 and take profit upon the breakdown of 1.0614, 1.0557, 1.0482.

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.