Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Buy at 1.1335

Typography

EUR/USD - 1.1401


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 1.1410

Kijun-Sen level                  : 1.1410

Ichimoku cloud top             : 1.1365

Ichimoku cloud bottom      : 1.1359


Original strategy  :

Buy at 1.1335, Target: 1.1440, Stop: 1.1300

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.1335, Target: 1.1440, Stop: 1.1300

Position : -

Target :  -

Stop : -

 

Remark: Due to holidays, update will resume on 19 July 2017.


As the single currency has retreated after faltering below resistance at 1.1446, suggesting consolidation below this level would be seen and pullback to 1.1355-60 cannot be ruled out, however, reckon support at 1.1312 would limit downside and bring another rise later, above said last week’s high at 1.1446 would confirm recent upmove has resumed for headway to 1.1475-80 but price should falter below 1.1500.

In view of this, we are looking to buy euro on dips but one should exit on subsequent rally. Below said support at 1.1312 would abort and signal top has been formed at 1.1446, bring retracement of recent rise to 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446), then towards 1.1270.

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Author: Action Forex
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