Trade Idea Wrap-up: EUR/USD – Buy at 1.1020

EUR/USD – 1.1075

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1040

Kijun-Sen level                  : 1.1027

Ichimoku cloud top             : 1.0940

Ichimoku cloud bottom      : 1.0911

Original strategy  :

Buy at 1.1020, Target: 1.1120, Stop: 1.0985

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1020, Target: 1.1120, Stop: 1.0985

Position : –

Target :  –

Stop : –

Euro has rallied and broke above previous resistance at 1.1025, confirming recent upmove has resumed and further gain to 1.1100 and possibly 1.1125-30 would be seen, however, near term overbought condition should limit upside to 1.1150 and reckon 1.1175-80 would hold from here, bring retreat later.

In view of this, we are looking to buy euro on pullback as previous resistance at 1.1025 should turn into support and contain euro’s downside, bring another upmove later. Below another previous resistance at 1.0990 would abort and suggest top is possibly formed, bring correction to 1.0965 support first.