Trading idea for EUR/USD

Good data on the US labor market, that is, an increase in new jobs and drop in unemployment rate, led to a jump in demand for the US dollar, which accordingly, resulted in a decline in the EUR/USD pair.

Its downward movement even formed a pin bar on the daily chart:

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So, in order for the pair to turn around and resume trading upwards in the market, the best option is to set up long positions and follow this scheme:

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Since the pair has formed an Elliot Wave with which wave "A" is the closing of last Friday's American session, target profit will be a double top at 1.18637. Such will be relevant until the quotes break out of 1.18.

This follows the classic and trusted Price Action and Stop Hunting methods. However, of course, controlling the risk should not be left out, so as to avoid reducing or losing profit.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com