After a two-week rally, euro rose slightly above 1.2, forming a similar pattern to Head and Shoulders. Its base is at 1.2, below which is where buyers placed their stops in the previous days.
Taking this into account, bearish traders can enter short positions in order to set off a pullback from the current prices. Set the limit near or exactly at yesterday’s high, and then take profit when the quote hits 1.2.
This idea follows the Price Action and Stop Hunting strategies.
Best of luck!
The material has been provided by InstaForex Company – www.instaforex.com
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