Trade Idea Wrap-up: EUR/USD – Buy at 1.0690

EUR/USD – 1.0768

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.0767

Kijun-Sen level                  : 1.0739

Ichimoku cloud top             : 1.0714

Ichimoku cloud bottom      : 1.0681

Original strategy  :

Buy at 1.0690, Target: 1.0790, Stop: 1.0655

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0690, Target: 1.0790, Stop: 1.0655

Position : –

Target :  –

Stop : –

As the single currency has risen again after brief pullback, suggesting recent upmove from 1.0570 is still in progress and upside bias remains for further gain to 1.0783-85 (61.8% projection of 1.0602-1.0737 measuring from 1.0700), then 1.0800-10, however, loss of near term upward momentum should prevent sharp move beyond 1.0825-30, risk from there is seen for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.0690-00 should limit downside. Only below previous resistance at 1.0670 (now support) would abort and signal top is formed instead, bring correction towards previous support at 1.0635 which is likely to hold from here.