Trade Idea Wrap-up: EUR/USD – Sell at 1.1680

EUR/USD – 1.1637

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1635

Kijun-Sen level                  : 1.1663

Ichimoku cloud top             : 1.1667

Ichimoku cloud bottom      : 1.1663

Original strategy  :

Sell at 1.1680, Target: 1.1580, Stop: 1.1715

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1680, Target: 1.1580, Stop: 1.1715

Position : –

Target :  –

Stop : –

Although the single currency moved higher to 1.1712 yesterday, the subsequent retreat suggests consolidation below this level would be seen and as long as 1.1712 holds, mild downside bias is seen for test of 1.1617-20 support, break there would signal a temporary top is formed, bring retracement of recent rise towards previous resistance at 1.1583 but price should stay above 1.1550, bring another rally later.

In view of this, we are looking to turn short on recovery but one should exit on such fall. Above said resistance at 1.1712-14 would signal the rise from 1.0340 low is still in progress and may extend headway towards 1.1750, then 1.1775-80.