EUR / USD declined last weekend due to strong reports on the US labor market. Apparently, jobs in the non-agricultural sector jumped by almost 1.5 times, thereby increasing the position of the US dollar in the market.
But this morning, a bullish signal appeared, when the quote broke through the local low. It hinted that the euro can grow this week if buyers begin to actively trade in the market.
More specifically, since the quotes form an Elliot wave (ABC wave pattern) in which wave A is the upward initiative last April 1 and April 2, traders can open long positions from 1.17450 in order to set off a 50% rollback towards 1.17885 or 1.18000. Limit should be placed at 1.17230.
Of course, we need to remain cautious as trading is very precarious, but profitable as long as the strategy used is correct.
The plan above follows the classic and trusted Price Action and Stop Hunting methods.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.