Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Hold long entered at 1.1790

Typography

EUR/USD - 1.1795


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 1.1792

Kijun-Sen level                  : 1.1777

Ichimoku cloud top             : 1.1754

Ichimoku cloud bottom      : 1.1728


Original strategy  :

Bought at 1.1790, Target: 1.1890, Stop: 1.1755

Position : - Long at 1.1790

Target :  - 1.1890

Stop : - 1.1755


New strategy  :

Hold long entered at 1.1790, Target: 1.1890, Stop: 1.1755

Position : - Long at 1.1790

Target :  - 1.1890

Stop : - 1.1755


Current rally in NY morning adds credence to our view that low has been formed at 1.1689 earlier this week and further gain to 1.1850, then 1.1880 would be seen, however, a firm break above latter level is needed to confirm correction from 1.1910 top has ended, bring retest of this level, break there would signal early upmove has resumed and extend headway towards 1.1940-50 first.

In view of this, we are holding on to our long position entered at 1.1790. Only below support at 1.1748 would defer and risk weakness to 1.1720, however, downside should be limited to 1.1700 and support at 1.1689 should remain intact, bring another rally next week.