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The euro increased in the market yesterday, as a result of which the EUR / USD pair reached a quote of 1.16863 for the third time.
Then, this morning, another movement towards the level occurred, which, according to technical analysis, ends with a breakout in most cases. If that happens, sellers can hide their risks for about three days.
In addition, it is noteworthy that the pressure at 1.16863 occurs in the immediate vicinity of the round level of 1.17, which can be seen on the chart below:
So, if there are casts today in the area of 1.16500, set up long positions with stop loss beyond 1.16863-1.17000. Short positions, on the other hand, should be done AFTER a breakout from these levels.
Such follows the classic and trusted Price Action and Stop Hunting strategies.
Of course, controlling the risk is necessary to avoid reducing or losing profit. Trading in this financial market is very precarious, but also very profitable as long as we use the right approach.
Best of luck!
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