Trade Idea Wrap-up: EUR/USD – Buy at 1.1985

EUR/USD – 1.2023

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.2045

Kijun-Sen level                  : 1.2039

Ichimoku cloud top             : 1.1985

Ichimoku cloud bottom      : 1.1968

Original strategy  :

Buy at 1.1985, Target: 1.2090, Stop: 1.1950

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1985, Target: 1.2090, Stop: 1.1950

Position : –

Target :  –

Stop : –

As the single currency has retreated after rising to 1.2093 earlier today, suggesting consolidation below this level would be seen and pullback to 1.2000 is likely, however, reckon minor support at 1.1984 would limit downside and bring another rise later, above 1.2070-75 would bring retest of said resistance at 1.2093 but break there is needed to extend recent upmove to 1.2130-40, having said that, loss of upward momentum should limit upside to 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662), bring correction later. 

In view of this, would be prudent to buy euro on further pullback as support at 1.1980-84 should limit downside and bring another upmove later. Below 1.1950 (previous resistance turned support) would signal a temporary top is formed instead bring weakness to 1.1925-30 first.