Good afternoon, dear traders! Here is a trading tip for EUR/USD for today.
Yesterday, following Jerome Powell's speech, the US dollar strengthened against all currencies, including the euro. This caused a drop in the EUR/USD pair.
In the New York session on Wednesday, I suggest that you continue trading within the downtrend from yesterday in order to test new weekly stops set by the bulls at 1.16850.
In fact, we have a three-wave structure where the A wave was formed amid yesterday's news. Today we observe a pullback of more than 50%.
The idea to keep following the downtrend will be relevant until the price breaks below the level of 1.8. Take profit when the price hits 1.16850.
The return rate of the trade is 3 to 1.
This trading recommendation is presented within the framework of the Price Action and Stop Hunting strategies.
Good luck in trading and watch your risks!
