HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Buy at 1.1475

Trade Idea : EUR/USD – Buy at 1.1475

EUR/USD – 1.1521

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1519

Kijun-Sen level                  : 1.1526

Ichimoku cloud top             : 1.1546

Ichimoku cloud bottom      : 1.1509

Original strategy  :

Buy at 1.1495, Target: 1.1595, Stop: 1.1460

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1475, Target: 1.1575, Stop: 1.1440

Position : –

Target :  –

Stop : –

As euro’s retreat from 1.1583 has kept price under pressure, retaining our view that further consolidation below this level would be seen and downside risk remains for pullback to 1.1500-05 (38.2% Fibonacci retracement of 1.1370-1.1583), however, reckon previous resistance at 1.1475-90 would limit downside and bring another upmove later, above said resistance at 1.1583 would extend recent upmove to 1.1600-10 and then 1.1630 but loss of upward momentum should prevent sharp move beyond 1.1650-60.

In view of this, we are looking to buy euro on further pullback as previous resistance at 1.1475 should turn into support and contain downside, bring another rise. Below 1.1451 (61.8% Fibonacci retracement of 1.1370-1.1583) would defer and signal top is formed, risk correction to support at 1.1435 first. 

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