Trade of the week: long EUR/USD
EUR/USD seems to have resumed its medium-term uptrend with the $1.1000 region remaining in focus. We would thus like to go long EUR/USD around $1.0860 with a stop loss at $1.0803, marginally below last week’s low.
(AI Video Summary)
Previous DAX 40 trading outcome
In this week's "Trading the trend" video, Axel Rudolph focuses on evaluating previous and potential trades. First, a previous DAX 40 trade is discussed, where a short position initiated on 20 May could have yielded a 250-point profit as the index dipped, but didn’t reach the anticipated 18,250 target. The recommendation is to close out to avoid losses due to a potential trend reversal.
This week's trading opportunity
Attention is then shifted to this week's recommended trade on the EUR/USD pair, which exhibited a bullish pattern within an ascending channel, suggesting potential for further gains. The proposed strategy is to enter a long position on EUR/USD on a slight retracement to $1.0860, with a stop loss at $1.0803, marginally below last week’s low.
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