Trade Idea Wrap-up: EUR/USD – Hold long entered at 1.1205

EUR/USD – 1.1249

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1257

Kijun-Sen level                  : 1.1260

Ichimoku cloud top             : 1.1244

Ichimoku cloud bottom      : 1.1243

Original strategy  :

Bought at 1.1205, Target: 1.1305, Stop: 1.1235

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1235

New strategy  :

Hold long entered at 1.1205, Target: 1.1305, Stop: 1.1235

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1235

As euro has retreated after marginal rise to 1.1285, suggesting minor consolidation below this level would be seen, however, reckon 1.1235-40 would contain downside and bring another rise later, above said resistance at 1.1285 would extend recent upmove to another previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 but overbought condition should limit upside to chart point at 1.1366.

In view of this, we are holding on to our long position entered at 1.1205. Only below support at 1.1202 would abort and signal top is formed instead, risk weakness towards indicated support at 1.1164, once this level is penetrated, this would signal recent upmove has ended, bring further fall to 1.1130-40 first.