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Candlesticks Intraday

Trade Idea Update: EUR/USD - Buy at 1.1790

Typography

EUR/USD - 1.1818


Original strategy  :

Buy at 1.1725, Target: 1.1825, Stop: 1.1690

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.1790, Target: 1.1890, Stop: 1.1755

Position : -

Target :  -

Stop : -


Current rally in NY morning adds credence to our view that low has been formed at 1.1689 earlier this week and further gain to 1.1850, then 1.1880 would be seen, however, a firm break above latter level is needed to confirm correction from 1.1910 top has ended, bring retest of this level, break there would signal early upmove has resumed and extend headway towards 1.1940-50 first.

In view of this, we are still looking to buy euro on dips but at a higher level as 1.1790 should limit downside. Only below support at 1.1748 would defer and risk weakness to 1.1720, however, downside should be limited to 1.1700 and support at 1.1689 should remain intact, bring another rally next week.

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Author: Action Forex
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