Candlesticks Intraday

Trade Idea : EUR/USD - Buy at 1.0690

Typography

EUR/USD - 1.0725


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 1.0724

Kijun-Sen level                  : 1.0742

Ichimoku cloud top             : 1.0726

Ichimoku cloud bottom      : 1.0695


Original strategy  :

Buy at 1.0690, Target: 1.0790, Stop: 1.0655

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.0690, Target: 1.0790, Stop: 1.0655

Position : -

Target :  -

Stop : -


Euro’s retreat after rising to 1.0778 yesterday suggests a temporary top has been made there and consolidation with mild downside bias is seen for correction to 1.0690-00 (50% Fibonacci retracement of 1.0602-1.0778 and previous support), however, renewed buying interest should emerge there and bring another rise later to 1.0783-85 (61.8% projection of 1.0602-1.0737 measuring from 1.0700), then 1.0800-10 but loss of near term upward momentum should prevent sharp move beyond 1.0825-30, risk from there is seen for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.0690-00 should limit downside. Only below previous resistance at 1.0670 (now support) would abort and signal top is formed instead, bring correction towards previous support at 1.0635 which is likely to hold from here.