Trading Forex in Baskets to diversify trading risk for both, speculative trading or hedging Forex risk by 
Many traders using the early European Breakout and there are also many ways and strategies to trade it.
Some use a portion of last day/week range (volatility) to add or subtrack to/from the close of that day/week (NY 4 PM) or to/from the early European open.
Below a simple solution for the weekly breakouts of the four major currency pairs.
Very important are the stops, risk levels and stops.
For more look at: http://www.2hedge.com/mmevbo.html