FX.co ★ Tips for trading EUR/USD

EUR/USD rose after Fed Chairman Jerome Powell's speech and tested the breakdown of last week's lows. From there, the downward trend that started on October 12 may resume.

Looking at the three-wave pattern (ABC) where wave A represents October 12's bearish momentum, traders could consider short positions at 1.0611. Set stop-loss at 1.0627 and take profit upon the breakdown of 1.0523, 1.0495, 1.0483, and 1.0450.

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.