Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Hold long entered at 1.1970

Typography

EUR/USD - 1.1987


Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 1.2003

Kijun-Sen level                  : 1.1991

Ichimoku cloud top             : 1.1972

Ichimoku cloud bottom      : 1.1961


Original strategy  :

Bought at 1.1970, Target: 1.2070, Stop: 1.1950

Position : - Long at 1.1970

Target :  - 1.2070

Stop : - 1.1950


New strategy  :

Hold long entered at 1.1970, Target: 1.2070, Stop: 1.1950

Position : - Long at 1.1970

Target :  - 1.2070

Stop : - 1.1950


Yesterday’s breach of indicated resistance at 1.1995-00 (previous resistance and 61.8% Fibonacci retracement of 1.2093-1.1838) adds credence to our view that the fall from 1.2093 top has ended at 1.1838 last week and consolidation with upside bias remains for further gain to 1.2030-35, then 1.2050-55, however, break of 1.2070 is needed to signal early upmove has resumed for retest of 1.2093 first. 

In view of this, we are holding on to our long position entered at 1.1970. Below 1.1950-55 would defer and risk weakness towards support at 1.1915 (Monday’s low) but only break there wold signal the rebound from 1.1838 has ended instead, bring further fall to 1.1880.