Trade Idea Wrap-up: EUR/USD – Target met and buy at 1.1770

EUR/USD – 1.1810

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 1.1772

Kijun-Sen level                  : 1.1773

Ichimoku cloud top             : 1.1738

Ichimoku cloud bottom      : 1.1726

Original strategy  :

Bought at 1.1715, met target at 1.1815

Position : – Long at 1.1715

Target :  – 1.1815

Stop : –

New strategy  :

Buy at 1.1770, Target: 1.1870, Stop: 1.1735

Position : –

Target :  –

Stop : –

Current anticipated rally above previous resistance at 1.1790 has justified our bullishness, this move also adds credence to our view that pullback from 1.1910 has ended at 1.1662 last week, hence upside bias remains for test of resistance at 1.1847, break there would provide confirmation and encourage for headway got 1.1870-80, however, reckon said resistance at 1.1910 would hold from here. 

As we have taken profit on our long position entered at 1.1715, would not chase this rise here and would be prudent to buy euro again on pullback as 1.1760-70 should limit downside. Only below 1.1725-30 would abort and suggest the rebound from 1.1662 has ended instead, risk weakness to 1.1695-00 first.