Trade Idea Wrap-up: EUR/USD – Buy at 1.1780

EUR/USD – 1.1854

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1830

Kijun-Sen level                  : 1.1827

Ichimoku cloud top             : 1.1775

Ichimoku cloud bottom      : 1.1738

Original strategy  :

Buy at 1.1780, Target: 1.1880, Stop: 1.1745

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1780, Target: 1.1880, Stop: 1.1745

Position : –

Target :  –

Stop : –

As the single currency has risen again today, adding credence to our view that the rise from 1.1669 temporary low (formed last week) is still in progress and mild upside bias remains for this move to bring retracement of recent decline to 1.1861-62, however, reckon upside would be limited to 1.1895-00 (61.8% Fibonacci retracement of 1.2035-1.1669) and bring retreat later.

In view of this, would not chase this rise here and we are still looking to buy euro on subsequent pullback as 1.1780-85 should limit downside and bring another rebound. Below 1.1745-50 would defer but only break of indicated support at 1.1719 would abort and signal top is formed, risk weakness to 1.1695-00 first.