HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Hold long entered at 1.1985

Trade Idea Wrap-up: EUR/USD – Hold long entered at 1.1985

EUR/USD – 1.1984

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.2001

Kijun-Sen level                  : 1.2008

Ichimoku cloud top             : 1.2035

Ichimoku cloud bottom      : 1.2001

Original strategy  :

Bought at 1.1985, Target: 1.2090, Stop: 1.1950

Position : – Long at 1.1985

Target :  – 1.2090

Stop : – 1.1950

New strategy  :

Hold long entered at 1.1985, Target: 1.2090, Stop: 1.1950

Position : – Long at 1.1985

Target :  – 1.2090

Stop : – 1.1950

Euro’s retreat after rising to 1.2093 late last week suggests consolidation below this level would be seen and marginal weakness from here cannot be ruled out, however, reckon downside would be limited and bring another rise later, above 1.2030 would suggest an intra-day low is formed, bring test of 1.2070-75, break there would signal the pullback from 1.2093 has ended, then retest of this resistance would follow but break there is needed to extend recent upmove towards 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662). 

In view of this, we are holding on to our long position entered at 1.1985. Below 1.1950 (previous resistance turned support) would signal a temporary top is formed instead bring weakness to 1.1925-30 first. 

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