Trade of the week: long EUR/USD
Since EUR/USD looks to have found support above its current June low, we would like to go long at $1.0715, with a stop loss below the May low at $1.0645, and an upside target around the $1.0900 mark.
(AI Video Summary)
Previous corn futures trading outcome
In the latest "Trade of the week", Axel Rudolph reviews his successful short position in corn futures, executed at 452, now profitable at 439, suggesting two options: cash in to realize profits, or let them ride to the downside target set at 410, and can adjust your stop-loss down from above the mid-June high at 464 to your entry level at around 452 to minimize trading risk.
This week's trading opportunity
Shifting to this week's focus, he's proposing a long position in the EUR/USD currency pair based on potential bullish reversal signs. The propsal is to go long at $1.0715, with a stop loss below the May low at $1.0645, and an upside target around the $1.0900 mark.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
