Trade Idea Wrap-up: EUR/USD – Sell at 1.1800

EUR/USD – 1.1752

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1756

Kijun-Sen level                  : 1.1778

Ichimoku cloud top             : 1.1828

Ichimoku cloud bottom      : 1.1813

Original strategy  :

Sell at 1.1800, Target: 1.1700, Stop: 1.1835

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1800, Target: 1.1700, Stop: 1.1835

Position : –

Target :  –

Stop : –

As the single currency has fallen again after brief bounce to 1.1820 yesterday, suggesting top has possibly been formed at 1.1880 and the fall from there may extend weakness towards support at 1.1719, however, break there is needed to retain bearishness and signal the rebound from 1.1669 has ended, then further decline to 1.1700 would follow.

In view of this, we are looking to sell euro on recovery as 1.1800 should limit upside. Above 1.1820 would suggest low is formed instead, bring a stronger rebound to 1.1845-50 but price should falter below said resistance at 1.1880, bring another retreat later.