FX.co ★ Trading idea for EUR/USD

Instead of a false breakout, EUR / USD really closed above 1.19000, which encouraged bullish traders. Now, the next step is to overcome 1.19900, and this can be done by following this strategy:

After taking out 1.19000, work for a 50% retracement towards 1.18800. It is only after that can the euro climb again and break through 1.19900.

Tonight, a lot of important news that should be in favor of the dollar will be published. For example, the Fed conference at 17:30 GMT.

Of course, traders should remember to be careful to avoid losing money. Trading is very precarious, but profitable as long as you use the correct approach.

The plan above follows the classic Price Action and Stop Hunting methods.

Good luck!