HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Sell at 1.1770

Trade Idea : EUR/USD – Sell at 1.1770

EUR/USD – 1.1733

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 1.1763

Kijun-Sen level                  : 1.1785

Ichimoku cloud top             : 1.1810

Ichimoku cloud bottom      : 1.1776

Original strategy  :

Bought at 1.1790, stopped at 1.1770

Position : – Long at 1.1790

Target :  –

Stop : – 1.1770

New strategy  :

Sell at 1.1770, Target: 1.1670, Stop: 1.1805

Position : –

Target :  –

Stop : –

Current selloff dampened our bearishness and suggests the rebound from 1.1689 (last week’s low) has ended at 1.1847, hence consolidation with downside bias is seen for weakness to 1.1700-05, however, break of said support at 1.1689 is needed to retain bearishness and extend recent decline from 1.1910 top to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support) which is likely to hold from here due to oversold condition.

In view of this, we are looking to sell euro on recovery as 1.1770-80 should limit upside and bring another decline later. Above 1.1800-05 would abort and prolong choppy trading within recent established broad range, risk another rebound to said resistance at 1.1847 first.

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