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Candlesticks Intraday

Trade Idea : EUR/USD - Buy at 1.1725

Typography

EUR/USD - 1.1759


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 1.1768

Kijun-Sen level                  : 1.1745

Ichimoku cloud top             : 1.1757

Ichimoku cloud bottom      : 1.1740


Original strategy  :

Sold at 1.1770, stopped at break-even

Position : - Short at 1.1770

Target :  -

Stop : - 1.1770


New strategy  :

Buy at 1.1725, Target: 1.1825, Stop: 1.1690

Position : -

Target :  -

Stop : -


As the single currency continued finding support just above this week’s low at 1.1689 and has rebounded, suggesting low is possibly formed there and consolidation with mild upside bias is seen for test of 1.1800 (50% Fibonacci retracement of 1.1910-1.0689), however, break of 1.1824-26 (previous resistance and 61.8% Fibonacci retracement) is needed to signal the fall from 1.1910 has ended and bring further gain to 1.1850 later.

In view of this, we are looking to turn long on dips. Below said support at 1.1689 would abort and signal the fall from 1.1910 top is still in progress for retracement of early upmove to 1.0670, then test of support at 1.1650.

About the Contributor
Author: Action Forex
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