Trade Idea : EUR/USD – Buy at 1.1970

EUR/USD – 1.2001

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 1.1978

Kijun-Sen level                  : 1.1960

Ichimoku cloud top             : 1.1942

Ichimoku cloud bottom      : 1.1913

Original strategy  :

Buy at 1.1905, Target: 1.2005, Stop: 1.1870

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1970, Target: 1.2070, Stop: 1.1935

Position : –

Target :  –

Stop : –

Current break of indicated resistance at 1.1995-00 (previous resistance and 61.8% Fibonacci retracement of 1.2093-1.1838) adds credence to our view that the fall from 1.2093 top has ended at 1.1838 last week and consolidation with upside bias remains for further gain to 1.2030-35, then 1.2050-55, however, break of 1.2070 is needed to signal early upmove has resumed for retest of 1.2093 first. 

In view of this, we are looking to buy euro again on dips but at a higher level as 1.1965-70 should limit downside, bring another rise later. Below 1.1945-50 would defer and risk weakness towards support at 1.1915 (yesterday’s low) but only break there wold signal the rebound from 1.1838 has ended instead, bring further fall to 1.1880.