The increased demand for the euro has brought the quote to 1.2, which is the top of the current year. It is not hard to guess how much profit (and sell stops) is under this level.
If you have sold the EUR/USD pair in the medium term for the last 3 months, then your last hope is 1.2. There is simply no other option since it is a trap that will slam shut sooner or later.
Therefore, to those who are trading short positions, it is best to close part of it now and to move stop loss below 1.2.
If you are just starting to sell right now, it is best to drop this idea and go back to this plan only after the quote falsely breaks out of 1.2.
But if you are trading long positions, you can take profit on the breakdown of 1.2.
This follows the classic Price Action and Stop Hunting strategies.
The material has been provided by InstaForex Company – www.instaforex.com
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