HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Buy at 1.1745

Trade Idea : EUR/USD – Buy at 1.1745

EUR/USD – 1.1794

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1786

Kijun-Sen level                  : 1.1815

Ichimoku cloud top             : 1.1765

Ichimoku cloud bottom      : 1.1721

Original strategy  :

Buy at 1.1745, Target: 1.1845, Stop: 1.1710

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1745, Target: 1.1845, Stop: 1.1710

Position : –

Target :  –

Stop : –

As the single currency retreated after rising to 1.1861 yesterday, retaining our view that consolidation below this level would be seen, however, reckon 1.1745-50 (50% Fibonacci retracement of 1.1637-1.1861) would limit downside and bring another rise later, above 1.1830-35 would bring a retest of said resistance at 1.1861, break there would extend recent rise from 1.1554 low to previous resistance at 1.1880, then 1.1900-10.

In view of this, would not chase this rise here and we are looking to buy euro on subsequent pullback as 1.1745-50 should limit downside. Below the lower Kumo (now at 1.1721) would defer and signal a temporary top is formed instead, bring weakness to previous resistance at 1.1678 (now support) but only break there would provide confirmation.

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