HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Hold long entered at 1.1205

Trade Idea Wrap-up: EUR/USD – Hold long entered at 1.1205

EUR/USD – 1.1272

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1244

Kijun-Sen level                  : 1.1244

Ichimoku cloud top             : 1.1228

Ichimoku cloud bottom      : 1.1197

Original strategy  :

Bought at 1.1205, Target: 1.1305, Stop: 1.1215

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1215

New strategy  :

Hold long entered at 1.1205, Target: 1.1305, Stop: 1.1225

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1225

As euro has rallied on dollar’s broad-based weakness after soft NFP data and resistance at 1.1257-68 was breached, confirming our view that early upmove has resumed and test of another previous chart resistance at 1.1300 is underway, above there would encourage for headway to 1.1340-45, however, overbought condition should limit upside to chart point at 1.1366.

In view of this, we are holding on to our long position entered at 1.1205. Below support at 1.1202 would abort and signal top is formed instead, risk weakness towards indicated support at 1.1164, once this level is penetrated, this would signal recent upmove has ended, bring further fall to 1.1130-40 first. 

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