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10.08.202009:22 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, good data on the US labor market came out, which raised the dollar's position against other currencies, including the euro.

It raised the demand for the US currency, so the EUR / USD pair closed with a bearish absorption at the daily (D1) TF.

To continue the drop of the trading instrument, follow the scheme presented below:

Hourly (H1) TF:

View the structure on the hourly chart as an Elliot Wave, where Friday's impulse serves as wave "A". Trade short positions to complete the pattern.

The profit target is the round level of 1.17, where the stops of weekly buyers are likely to have accumulated.

(Price Action and Stop Hunting strategies are used as the framework of this idea)

Good luck! Don't forget to control the risks.

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