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.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
