Trade Idea Wrap-up: EUR/USD – Sell at 1.0955

EUR/USD – 1.0871

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.0866

Kijun-Sen level                  : 1.0866

Ichimoku cloud top             : 1.0908

Ichimoku cloud bottom      : 1.0880

Original strategy  :

Sell at 1.0930, Target: 1.0820, Stop: 1.0965

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0955, Target: 1.0840, Stop: 1.0990

Position : –

Target :  –

Stop : –

As the single currency has recovered after falling briefly to 1.0839, suggesting consolidation above this level would be seen and corrective bounce to 1.0895-00 is likely, however, reckon upside would be limited to 1.0930-35 and renewed selling interest should emerge around 1.0955-60, bring another decline later. A break of said support at 1.0839 would extend the fall from 1.1025 top for at least a strong retracement of early upmove towards 1.0800 but reckon 1.0770-75 would hold from here.

In view of this, we are looking to sell euro on recovery as 1.0955-60 should limit upside. Above 1.0970 would defer and risk a stronger rebound but a break above resistance at 1.0997 is needed to signal pullback from 1.1025 has ended, bring retest of this level later.