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Good afternoon, dear traders! Let us take a look at the new trading idea on the euro/dollar pair.
The euro/dollar pair dropped from the resistance level of 1.16600 two times. It is quite possible that sellers will focus on this level. Judging by the long impulse of the previous two weeks, we may try to predict where they are likely to place stop orders
We see the "ABC" three-wave structure, where the long opportunity from October 11-19 acts as wave A.
Long positions could be opened after a drop from the 61.8-50% Fibonacci level.
A stop loss order could be placed at 1.15700. It is better to lock in profit two times.
We can lock in the better part of our profit after the price breaks the level of 1.16700 and then after a break of 1.19000.
Notably, it is not recommended to open short positions in the mid term.
The trading idea is based on such strategies as Price Action and Stop Hunting.
I wish you profitable trading! Do not forget to apply the risk management strategy!
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