HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Hold short entered at 1.1230

Trade Idea Wrap-up: EUR/USD – Hold short entered at 1.1230

EUR/USD – 1.1212

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1205

Kijun-Sen level                  : 1.1205

Ichimoku cloud top             : 1.1215

Ichimoku cloud bottom      : 1.1208

Original strategy  :

Sold at 1.1230, Target: 1.1130, Stop: 1.1240

Position : – Short at 1.1230

Target :  – 1.1130

Stop : – 1.1240

New strategy  :

Hold short entered at 1.1230, Target: 1.1130, Stop: 1.1240

Position : – Short at 1.1230

Target :  – 1.1130

Stop : – 1.1240

Although the single currency has rebounded after finding support at 1.1185 and further consolidation would be seen, as long as indicated resistance at 1.1232-37 holds, bearishness remains for weakness to 1.1180-85, break there would signal the rebound from 1.1166 has ended, bring retest of this level but below there is needed to extend the fall from 1.1285 top for retracement of early upmove to 1.1145-50 and then towards 1.1120, however, support at 1.1109 should hold from here.

In view of this, we are holding on to our short position entered at 1.1230. Only above 1.1265-70 would abort and bring retest of 1.1285, only break there would revive bullishness and confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 and later towards chart point at 1.1366.

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