HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Hold short entered at 1.1000

Trade Idea : EUR/USD – Hold short entered at 1.1000

EUR/USD – 1.1010

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.0994

Kijun-Sen level                  : 1.0969

Ichimoku cloud top             : 1.0913

Ichimoku cloud bottom      : 1.0888

Original strategy  :

Sold at 1.1000, Target: 1.0900, Stop: 1.1035

Position : – Short at 1.1000

Target :  – 1.0900

Stop : – 1.1035

New strategy  :

Hold short entered at 1.1000, Target: 1.0900, Stop: 1.1035

Position : – Short at 1.1000

Target :  – 1.0900

Stop : – 1.1035

Euro has surged again today, suggesting caution on our near term bearishness but as long as resistance at 1.1025 holds, prospect of another retreat remains, below 1.0960 would suggest an intra-day top is formed, bring weakness to 1.0920-25, break there would confirm and further fall to 1.0900 and possibly 1.0880 would follow, however, reckon downside would be limited to 1.0855-60 and support at 1.0839 should remain intact.

In view of this, we are holding on to our short position entered at 1.1000. Above said resistance at 1.1025 would abort and signal early upmove has resumed instead, bring further gain to 1.1050-55 and later 1.1075-80 before prospect of another retreat.

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