Basically, Sentiment for the EUR is Short, meaning most people think it will go down, so I'm Long xD another thing, EUR is Strong right now and USD is weak, another reason to go long EURUSD.
Entry. Identify Chart pattern. in this case an impulse wave on the 2h chart xD
plot a fib retracement from start of wave 1(12345) (Elliot wave) and place a limit order at or just before the 38.2% retracement level.( my guess as to where price will bounce, still working on confirmation tactics.) stop loss below 50% retracment.
Exit
correctly plot a fib extension of wave 1(12345) and suppose price will rise to meet the 1.68 extension
risk........ 0.5%
Reward....2.5%
RRR:........1:5