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03.08.202011:42 Forex Analysis & Reviews: Trading idea for the EUR/USD pair

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Good afternoon traders! A trading idea for the EUR / USD pair.

On Friday, upon reaching the round level of 1.19, the pair stopped rising, after which strong sales took place in the US session, returning the quote below the price level of 1.18.

Today, during the Asian session, the quote neared Thursday's low but failed to break it, leaving the so-called double bottom at the round level of 1.17000 in the daily TF.

The next step should be to look for buy stops at the level of 1.17300, following the scheme below:

Following the ABC wave structure (which started on July 31), work for a price drop from 50% Fibonacci, aiming for a breakout at the levels 1.17300 and 1.17000. Such a transaction will bring profitability of about 1 to 1.

Selling will be valid until the quote breaks the level of 1.19000.

This trading idea is developed, on the grounds of the Price Action and Stop Hunting strategies.

Good luck!

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