EUR/USD declined after the US released mixed data on the labor market.
Currently, the pair trades at last week's lows, but has not broken the long-term resistance level from June 1. This means that traders could buy with low risk according to this strategy:
Having a three-wave pattern (ABC), where wave A represents June 1's bullish momentum, traders could open long positions with a 38.2% retracement based on the Fibonacci levels, as shown in the chart above. Limit the risks at 1.03400 and then take profit upon the breakdown of 1.078 and 1.110.
The idea came from the framework of the "Price Action" and "Hunt for Stops" methods.
Good luck in trading and manage your risks. Have a great day ahead!
