HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Buy at 1.0560

Trade Idea Wrap-up: EUR/USD – Buy at 1.0560

EUR/USD – 1.0629

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 1.0620

Kijun-Sen level                  : 1.0597

Ichimoku cloud top             : 1.0557

Ichimoku cloud bottom      : 1.0548

Original strategy  :

Buy at 1.0560, Target: 1.0660, Stop: 1.0525

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0560, Target: 1.0660, Stop: 1.0525

Position : –

Target :  –

Stop : –

As the single currency has surged again after brief pullback and broke above previous resistance at 1.0640, adding credence to our bullish view that the erratic rise from 1.0493 low is still in progress and may bring retracement of early decline to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) and possibly towards resistance at 1.0680 but price should falter well below 1.0700-05 (61.8% Fibonacci retracement).

In view of this, we are looking to buy euro on dips as 1.0560-70 should limit downside and bring another rise later. Below said support at 1.0525 would abort and risk test of 1.0493-96 but only break there would shift risk back to the downside and signal recent decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.

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