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Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Buy at 1.0700

Typography

EUR/USD - 1.0749


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 1.0760

Kijun-Sen level                  : 1.0754

Ichimoku cloud top             : 1.0750

Ichimoku cloud bottom      : 1.0695


Original strategy  :

Buy at 1.0700, Target: 1.0800, Stop: 1.0665

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.0700, Target: 1.0800, Stop: 1.0665

Position : -

Target :  -

Stop : -


As the single currency has maintained a firm undertone after last week’s rally, suggesting recent erratic upmove from 1.0493 low is still in progress and may extend further gain towards previous chart resistance at 1.0829, however, loss of near term upward momentum should prevent sharp move beyond 1.0850-60 and price should falter well below 1.0890-00, risk from there has increased for a retreat to take place later.

In view of this, would not chase this rise here and we are looking to buy euro on subsequent pullback as 1.0706 support should limit downside and bring another rise later. Below 1.0675-80 would defer and suggest top is possibly formed, risk weakness to 1.0640 (previous resistance now support) but still reckon indicated support at 1.0600 would remain intact.

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Author: Action Forex
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