FX.co ★ Trading tips for EUR/USD

EUR/USD is currently in the process of a large bearish scenario.

plan:

There is a corrective movement at the moment, but this is likely to be followed by a dip towards yearly lows. Behind those are the of medium-term buyers stops, which is a good setting for a price decrease.

So, considering that there is a three-wave pattern (ABC), where wave A represents the selling pressure from June 28 to June 30, traders can sell from current prices up to the 61.8% and 50% retracement levels. Stop loss can be set at 1.06, while take profit can be placed on the breakdown of 1.03300.

This strategy is based on the Price Action and Stop Hunting methods.

Good luck and have a nice day!