Instaforex Nigeria Forex Analysis on EURUSD
EUR/USD rolled back as expected, which opens new opportunities to take long positions.
As seen clearly in the chart, there are three wave patterns (ABC), where wave A represents the buying pressure last October 11-19. Following the previously presented plan, traders should buy up to the 61.8% and 50% retracement levels of 1.16 and set stop loss at 1.15550.
Then, close 2/3 of the position on the breakdown of 1.16700.
Close the remaining 1/3 on the breakdown of 1.19000.
Refrain from taking short positions, otherwise, profit may be lost. This analysis is based on Price Action and Stop Hunting strategies. Good luck and have a nice trading day!
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Disclaimer: This Instaforex Nigeria Forex Analysis on EURUSD is not a trading advice or instructions but meant to create awareness.