How to calculate risk?

i have 80K eur.usd long from 1.3010 with margin in IB. basically its 1K worth with margin.
how do i find out my risk exposure if eur continues to go down.

Since you are long 80k EUR/USD, you will be losing $8 per 0.0001 move down. Everything else (your margin and entry level) is irrelevant.

Well, knowing required margin would help you figure out liquidation level.

Do you know how many pips do you have till liquidation?

my required margin is 1:40
so how do i calculate the pips to liquidation?

( Equity =< Used Margin ) or if Useable Margin is =< 0 = Margin Call

Useable margin = equity - used margin

Example:

If your balance is $10,000, current open position is 1 standard lot on EUR/USD and leverage is 50:1 this is how you calculate the pips to liquidation

50:1 leverage = 1/50 = 2% margin required

$100,000 position units * 2% margin = $2,000 used margin

Useable margin = $10,000(equity) - $2000 = $8,000

$8,000/$10 per pip = 800 pips

I don't know if this is considered advertising but check out the babypips school if you haven't already it's a valuable source of free information.