Trade Idea Wrap-up: EUR/USD – Buy at 1.1260

EUR/USD – 1.1294

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1244

Kijun-Sen level                  : 1.1240

Ichimoku cloud top             : 1.1196

Ichimoku cloud bottom      : 1.1180

Original strategy  :

Buy at 1.1260, Target: 1.1360, Stop: 1.1225

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1260, Target: 1.1360, Stop: 1.1225

Position : –

Target :  –

Stop : –

The single currency has rallied today and just broke above previous resistance at 1.1296, confirming recent upmove has resumed and bullishness is seen for further gain to 1.1335-40 (50% projection of 1.0839-1.1296 measuring from 1.1119), then towards 1.1360, however, near term overbought condition should prevent sharp move beyond 1.1400 (61.8% projection), risk from there is seen for a retreat later.

In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.1250-60 should limit downside. Below the Kijun-Sen (now at 1.1240) would defer and risk test of previous resistance at 1.1220 but break there is needed to confirm an intra-day top is formed, bring correction towards 1.1180-85 later.