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Trade Idea Wrap-up: EUR/USD – Stand aside

EUR/USD – 1.1672

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1698

Kijun-Sen level                  : 1.1700

Ichimoku cloud top             : 1.1663

Ichimoku cloud bottom      : 1.1649

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the single currency extended recent upmove and surged to as high as 1.1777 earlier today, the subsequent retreat suggests consolidation below this level would be seen and pullback to 1.1645-50 cannot be ruled out, however, reckon support at 1.1613 would limit downside and price should stay well above previous resistance at 1.1583 (now support), bring another rise later.

On the upside, whilst recovery to 1.1700-10 cannot be ruled out, reckon upside would be limited to 1.1735-40 and said resistance at 1.1777 should remain intact, bring further consolidation. Above 1.1777 would extend recent upmove to 1.1784-85 (50% projection of 1.1370-1.1712 measuring from 1.1613). then 1.1800, however, loss of near term upward momentum should prevent sharp move beyond 1.1820-25 (61.8% projection), risk from there has increased for a retreat later.

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