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03.07.202011:29 Forex Analysis & Reviews: Trading idea for EUR/USD

Exchange Rates 03.07.2020 analysis

Good afternoon traders! A trading idea for the EUR / USD pair:

A good data on the US labor market was published yesterday.

Exchange Rates 03.07.2020 analysis

It resulted to a short impulse in the EUR / USD pair, in which the movement was in favor of the US dollar.

View it as wave "A" of the classic "ABC" pattern and use the Stop Hunting strategy to locate the stops of the bulls yesterday.

Exchange Rates 03.07.2020 analysis

Close half of the short positions after the quotes breakout of 1.12226, while hold the rest at the level of 1.11688.

"Price Action" and "Stop Hunting" strategies were used to formulate this trading idea.

The United States is on a holiday today, in honor of the country's Independence Day.

Good luck in trading and have a good weekend!

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Andrey Shevchenko,
Analytical expert of InstaForex
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