Trade Idea : EUR/USD – Buy at 1.1580

EUR/USD – 1.1665

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1650

Kijun-Sen level                  : 1.1651

Ichimoku cloud top             : 1.1664

Ichimoku cloud bottom      : 1.1582

Original strategy  :

Buy at 1.1580, Target: 1.1680, Stop: 1.1545

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1580, Target: 1.1680, Stop: 1.1545

Position : –

Target :  –

Stop : –

The single currency traded narrowly after meeting resistance at 1.1684 yesterday, suggesting further consolidation below this level would be seen and pullback to support at 1.1617 is likely, however, reckon previous resistance at 1.1583 would turn into support and contain downside, bring another rise later, above said resistance at 1.1684 would extend recent upmove to previous chart resistance at 1.1714 but break there is needed to retain bullishness for the rise from 1.0340 low to head towards 1.1750. 

In view of this, we are looking to buy euro on subsequent pullback as previous resistance at 1.1583 should limit downside. Below 1.1550 would defer and suggest a temporary top is formed instead, bring correction to 1.1510-15 but support at 1.1479 should remain intact.