Trading the trend: long EUR/USD
EUR/USD has been rising since mid-April and last week broke through its downtrend line.
We would thus like to benefit from the current minor retracement lower and go long the cross with a stop loss at $1.0690 and an upside target around the $1.1100 region.
(AI Video Summary)
Previous spot gold, GBP/JPY and TUI trading outcomes
In the latest episode of "Trading the Trend," Axel Rudolph discusses recent successful trades, such as going long on spot gold at $2,285, with a climb towards a target of $2,500, and buying GBP/JPY at approximately ¥193.75, moving towards ¥200 target. Both trades have been profitable.
However, a less successful trade involved buying TUI at €6.15, which has since declined. A stop loss error was noted, suggesting a correction to €513.50. The year-to-date profit stands at 40%.
This week's trading opportunity
For the upcoming week, the show recommends going long on EUR/USD, with a stop loss at $1.0690 and a target of $1.1100, following a break through a downtrend line.
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