Long or Short: Long
Entry Point: market (.8335)
Stop Loss: .8280 (below the rising channel and the previous low)
Profit Target/s: PT1 @ 0.8400 (mid-channel resistance), PT2 @ 0.8500 (previous high)
Reward-to-risk Ratio: around 2:1
Risk percentage: 1%
Indicators used: 14,3,3 Stochastics
Trade Rationale:
Technical - Stochastics on the oversold area, rising channel support, bullish divergence, near previous low, pullback from yesterday’s strong price action
Fundamental - Possible risk appetite from ISDA decision, Development on Greece in the latest EU Summit
Trade Adjustments:
I’ll exit early if I see signs of the pair breaking below the channel on the 1-hour chart. If the pair rises next week and reaches my first PT at .8400, I’ll move my stop to break even. Lastly, I plan to close early if both the ISDA decision and the EU Summit fail to support the euro.