FX.co ★ Tips for trading EUR/USD

EUR/USD halted its decline after yesterday's ECB press conference and interest rate decision. It stopped at the weekly level of 1.05236, creating a new liquidity area for buyers.

Looking at the three-wave pattern (ABC) where wave "A" represents the downward movement during the European session, traders could open short positions with stop-loss set at 1.05675. Take profit upon the breakdown of 1.05231 and 1.04959.

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.