HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Exit long entered at 1.0900

Trade Idea : EUR/USD – Exit long entered at 1.0900

EUR/USD – 1.0903

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.0923

Kijun-Sen level                  : 1.0911

Ichimoku cloud top             : 1.0865

Ichimoku cloud bottom      : 1.0809

Original strategy  :

Bought at 1.0900, Target: 1.1000, Stop: 1.0865

Position : – Long at 1.0900

Target :  – 1.1000

Stop : – 1.0865

New strategy  :

Exit long entered at 1.0900

Position : – Long at 1.0900

Target :  –

Stop : –

Despite intra-day marginal rise to 1.0951, lack of follow through buying and current retreat suggest consolidation below this level would be seen and downside risk remains for retracement to 1.0870-75, break there would suggest an intra-day top is formed, bring further fall to 1.0850 but reckon support at 1.0821 would hold from here, bring another rise later.

In view of this, would be prudent to exit long entered at 1.0900 and stand aside for now. Only above said resistance at 1.0951 would extend recent upmove from 1.0340 low to 1.0975-80 and possibly towards 1.1000 which is likely to hold on first testing due to loss of momentum, risk from there is seen for a retreat later.

Featured Analysis

Learn Forex Trading