HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.0980

Trade Idea Wrap-up: EUR/USD – Sell at 1.0980

EUR/USD – 1.0925

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.0954

Kijun-Sen level                  : 1.0974

Ichimoku cloud top             : 1.0965

Ichimoku cloud bottom      : 1.0934

Original strategy  :

Sell at 1.0990, Target: 1.0890, Stop: 1.1025

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0980, Target: 1.0880, Stop: 1.1015

Position : –

Target :  –

Stop : –

Although the single currency opened higher earlier today, lack of follow through buying and the subsequent retreat from 1.1025 suggest a temporary top has possibly been formed and consolidation below this level would be seen with mild downside bias for weakness to 1.0900, break there would add credence to this view, bring correction to support at 1.0875 which is likely to hold on first testing.

In view of this, we are looking to sell euro on recovery as 1.0995-00 should limit upside and bring another retreat. Above said resistance at 1.1025 would abort and signal recent upmove from 1.0340 low has resumed for headway to 1.1050 but reckon upside would be limited to 1.1065-70 (61.8% projection of 1.0602-1.0951 measuring from 1.0851).

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