HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Buy at 1.1740

Trade Idea Wrap-up: EUR/USD – Buy at 1.1740

EUR/USD – 1.1806

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1787

Kijun-Sen level                  : 1.1768

Ichimoku cloud top             : 1.1721

Ichimoku cloud bottom      : 1.1718

Original strategy  :

Buy at 1.1720, Target: 1.1820, Stop: 1.1685

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1740, Target: 1.1840, Stop: 1.1705

Position : –

Target :  –

Stop : –

As the single currency surged again after brief pullback to 1.1719, adding credence to our view that a temporary low has possibly been formed at 1.1669 last week and consolidation with upside bias remains for the rebound from there to bring retracement of recent decline towards resistance at 1.1832, however, near term overbought condition should limit upside to 1.1850-55 (50% Fibonacci retracement of 1.2035-1.1669), bring retreat later.

In view of this, would not chase this rise here and we are still looking to buy euro on dips as 1.1740 should limit downside and bring another rebound. Only break of said support at 1.1719 would abort and signal an intra-day top is formed, risk weakness to 1.1695-00 but indicated strong support at 1.1662-69 should remain intact.

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