HomeTrade IdeasCandlesticks IntradayTrade Idea Update: EUR/USD - Buy at 1.1495

Trade Idea Update: EUR/USD – Buy at 1.1495

EUR/USD – 1.1537

Original strategy  :

Buy at 1.1495, Target: 1.1595, Stop: 1.1460

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1495, Target: 1.1595, Stop: 1.1460

Position : –

Target :  –

Stop : –

As the single currency has retreated after surging to 1.1583 yesterday, suggesting consolidation below this level would be seen and pullback to 1.1500-05 (38.2% Fibonacci retracement of 1.1370-1.1583) cannot be ruled out, however, reckon previous resistance at 1.1490 would contain downside and bring another upmove later, above said resistance at 1.1583 would extend recent upmove to 1.1600-10 and then 1.1630 but loss of upward momentum should prevent sharp move beyond 1.1650-60.

In view of this, we are looking to buy euro on further pullback as previous resistance at 1.1490 should turn into support and contain downside, bring another rise. Below 1.1475-76 (another previous resistance and 50% Fibonacci retracement of 1.1370-1.1583) would defer and signal top is formed, risk correction to 1.1450-55 (61.8% Fibonacci retracement) and then test of support at 1.1435 which is likely to hold from here. 

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