Candlesticks Intraday

Trade Idea Update: EUR/USD - Hold long entered at 1.0690

Typography

EUR/USD - 1.0700


Original strategy  :

Bought at 1.0690, Target: 1.0790, Stop: 1.0655

Position : - Long at 1.0690

Target :  - 1.0790

Stop : - 1.0655


New strategy  :

Hold long entered at 1.0690, Target: 1.0790, Stop: 1.0655

Position : - Long at 1.0690

Target :  - 1.0790

Stop : - 1.0665


Euro’s retreat after rising to 1.0778 yesterday suggests a temporary top has been made there and consolidation with mild downside bias is seen for marginal weakness from here, however, reckon downside would be limited and bring another rise later to 1.0783-85 (61.8% projection of 1.0602-1.0737 measuring from 1.0700), then 1.0800-10 but loss of near term upward momentum should prevent sharp move beyond 1.0825-30, risk from there is seen for a retreat to take place later.

In view of this, we are holding on to our long position entered at 1.0690. Only below previous resistance at 1.0670 (now support) would abort and signal top is formed instead, bring correction towards previous support at 1.0635 which is likely to hold from here. 

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Author: Action Forex
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