EUR/USD is in a strong ascending channel and is close to pullback support. We can see strong support on the RSI (21), too, showing that we are in a bullish configuration with little resistance expected. 1.1080 is close to the 50% fibonacci retracement and, importantly, is a key graphical overlap support which is why it is our stop loss.
We play a move all the way up to 1.1500 before 1.1640 because those are the 2 key graphical resistance levels.
Stop loss at 1.1080
1st take profit at 1.1500
2nd take profit at 1.1640