HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.1980

Trade Idea Wrap-up: EUR/USD – Sell at 1.1980

EUR/USD – 1.1939

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1932

Kijun-Sen level                  : 1.1919

Ichimoku cloud top             : 1.1915

Ichimoku cloud bottom      : 1.1891

Original strategy  :

Sell at 1.1980, Target: 1.1880, Stop: 1.2015

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1980, Target: 1.1880, Stop: 1.2015

Position : –

Target :  –

Stop : –

Yesterday’s cable-led rebound suggests consolidation with initial upside bias would be seen and gain to 1.1950-55 cannot be ruled out, however, reckon upside would be limited to resistance at 1.1980 and bring another decline later. Below 1.1885-90 would bring weakness to 1.1850, break there would signal the rebound from 1.1823 has ended, then test of this level would follow, break there would add credence to our view that top has been formed at 1.2070 earlier and extend the fall from there to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070), then 1.1790-00 but downside should be limited to previous support at 1.1773. 

In view of this, we are looking to sell euro again on recovery as 1.1980 resistance should limit upside. Only a firm break above said resistance at 1.1980 would abort and signal the fall from 1.2070 has ended at 1.1823, bring further gain to 1.2000 and possibly towards 1.2025-30.

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