EUR / USD has been trading at lowest rates recently. As a result, a "double bottom" was formed around 1.17.
This happened last Friday on weak data on consumer expectations, which fell 20 points according to the University of Michigan.
Considering this, a downward correction will most likely occur, followed by a consolidation from yearly lows.
Therefore, it is quite risky to take long positions due to the obvious limitations of buyers' risks. In most cases, traders limit them to obvious levels or large extremes, else, they will be trapped in the market.
That being said, it is best to set up short positions and take longs only after a false breakout of the 2021 low.
This idea came from both Price Action and Stop Hunting strategies.
Good luck!
