HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Buy at 1.1625

Trade Idea : EUR/USD – Buy at 1.1625

EUR/USD – 1.1669

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 1.1669

Kijun-Sen level                  : 1.1657

Ichimoku cloud top             : 1.1654

Ichimoku cloud bottom      : 1.1634

Original strategy  :

Buy at 1.1625, Target: 1.1725, Stop: 1.1590

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1625, Target: 1.1725, Stop: 1.1590

Position : –

Target :  –

Stop : –

As the single currency has maintained a firm undertone after surging to 1.1678, suggesting the rise from 1.1554 low is still in progress and may extend further gain to 1.1691-96 (previous resistance and 50% Fibonacci retracement of 1.1837-1.1554) but reckon upside would be limited to 1.1725-29 (previous support now resistance and 61.8% Fibonacci retracement), bring retreat later.

In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.1620-25 should limit downside and bring another rebound later. Below 1.1600 would bring weakness to 1.1675-80, however, downside should be limited and bring another rebound. Break of 1.1575-80 would defer and risk a retest of last week’s low at 1.1554 first.

Featured Analysis

Learn Forex Trading

The EUR/USD

How to Trade Using Oscillators