Dollar declined on Friday after news emerged that South Africa discovered a new Covid variant. This led to the formation of an absorption pattern in the D1 chart.
The situation opens opportunities to take long positions in EUR/USD.
Since there is a three-wave pattern (ABC) in the pair and wave A is the representation of the buying pressure last Friday, traders can buy up to the 50% and 61.8% retracement level of the current price. Set stop loss at 1.12200 and take profit on the breakdown of 1.13270 and 1.14.
This plan is under the Price Action and Stop Hunting methods.
Good luck and have a nice day!
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