Trade Idea Wrap-up: EUR/USD – Buy at 1.1580

EUR/USD – 1.1641

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1569

Kijun-Sen level                  : 1.1569

Ichimoku cloud top             : 1.1540

Ichimoku cloud bottom      : 1.1514

Original strategy  :

Buy at 1.1540, Target: 1.1640, Stop: 1.1505

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1580, Target: 1.1680, Stop: 1.1545

Position : –

Target :  –

Stop : –

The single currency only slipped to 1.1479 (just missed our long entry at 1.1475) before finding renewed buying interest and current rally above said resistance at 1.1583 confirms recent upmove has resumed and bullishness remains for further gain to 1.1680, then towards previous chart resistance at 1.1714, however, break there is needed to retain bullishness for the rise from 1.0340 low to extend further headway towards 1.1750. 

In view of this, we are looking to buy euro on dips but at a higher level as previous resistance at 1.1583 should limit downside. Below the upper Kumo (now at 1.1540) would abort and suggest an intra-day top is formed, bring correction to 1.1510-15 but said support at 1.1479 should remain intact.