Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Stand aside

Typography

EUR/USD - 1.1190


Most recent candlesticks pattern   : N/A

Trend                      : Up


Tenkan-Sen level              : 1.1153

Kijun-Sen level                  : 1.1137

Ichimoku cloud top             : 1.1135

Ichimoku cloud bottom      : 1.1101


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Although current break of indicated previous resistance at 1.1172 confirms recent upmove has resumed and may extend further gain to 1.1205-10 (1.618 times projection of 1.0839-1.0990 measuring from 1.0965), loss of momentum should limit upside and reckon 1.1250 would hold from here, risk from there is seen for a retreat later. 

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Tenkan-Sen (now at 1.1153) would defer and bring test of the Kijun-Sen (now at 1.1137), break there would suggest top is possibly formed, risk correction to 1.1100 but reckon support at 1.1076 (yesterday’s low) would hold from here.

About the Contributor
Author: Action Forex
More from the contributor