EURUSD - BUY STOP - 16th June 2022




EURUSD - BUY STOP - 16th June 2022 (Closed)


Afternoon team,

 

We have the AUDUSD SL set to breakeven, I am watching the USDJPY which is currently trading at breakeven. There is a possible bearish head and shoulders structure in play which should play in our direction. However, due to the risk-on environment, the JPY is weakening across the board. I will keep you posted if I decide to close the USDJPY early. Therefore as we have a small amount of exposure/risk shorting the USD, I am looking to add a position on the EURUSD. This position has a great risk v reward ratio. We will only activate the position if the EURUSD breaks above the most recent peak in the price action.

USDJPY – UPDATE

EURUSD 4-Hour Chart

The EURUSD has set up a higher low at the 1.0360 support level, there has been a sharp turn higher in the price action. Technically speaking, as the low is a higher low than the 16th of May, this would indicate a bullish trend. We can also count a completed ABC corrective decline, similar to the AUDUSD set-up.

Trade Setup: BUY STOP, entry price 1.0467, stop loss 1.0361 and take profit target 1.0900.

Stop loss: 106 pips

Take profit: 433 pips

Trade Setup
BUY STOP

Entry
1.0467

Take Profit
1.0900

Stop Loss
1.0361