Weekly Long EURUSD setup. Buy @ 1.1070

FX:EURUSD   Euro / U.S. Dollar
Weekly Long EURUSD             setup
Buy EURUSD             at the pullback towards 1.1070.
Enter cash long position with the SL at 1.0980 - below the recent lows.
TP 1.1260

Buy PUT option @1.1070. Expiry end of week.

EURUSD             made lower high and higher low last week
This was broken to the upside last Friday and the price pulled back towards recent resistance at 1.1114.
This could be an indication of the bullish bias and end of the mid term correction ( green line)

Given low Volatility in July, this might not be supported.
The price might pull lower and suggest more downside.

Break of the recent 1.0917 (green line) would suggest more downside.
Sell it on pullback.

To lower the risk, limit order is placed at 1.1070.
PUT option at the same time is in play.

Cash position 0.1 lot potential loss 60 pips = $60
This is hedged by $60 binary option. No loss should occur.
Option cost will break even at 1.1114

The trade resulted in loss cash position
Gain from the hedging option position, net result 0.

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