Candlesticks Intraday

Trade Idea : EUR/USD - Stand aside

Typography

EUR/USD - 1.1755


Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 1.1758

Kijun-Sen level                  : 1.1751

Ichimoku cloud top             : 1.1805

Ichimoku cloud bottom      : 1.1778


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Although the single currency broke below previous support at 1.1730, lac of follow through selling and the subsequent rebound from 1.1725 suggest further consolidation would take place and recovery to 1.1780-90 cannot be ruled out, however, still reckon upside would be limited to 1.1820-25 and price should falter well below resistance at 1.1858, bring further choppy trading later.

On the downside, below said support at 1.1725 would extend the fall from 1.1880 top to 1.1700 and possibly towards indicated previous support at 1.1669 but break of latter level is needed to retain bearishness and extend further subsequent decline to 1.1640-45 first. As near term outlook is still mixed, would be prudent to stand aside in the meantime.