HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Hold long entered at 1.1790

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

EUR/USD – 1.1799

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1795

Kijun-Sen level                  : 1.1791

Ichimoku cloud top             : 1.1794

Ichimoku cloud bottom      : 1.1782

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

As the single currency has rebounded after continued finding support just above yesterday’s low at 1.1757, suggesting the pullback from 1.1861 (this week’s high) has ended there and consolidation with upside bias is seen for a retest of this level, however, break there is needed to confirm recent upmove from 1.1554 low has resumed and extend gain to previous resistance at 1.1880, then 1.1900-10.

In view of this, we are holding on to our long position entered 1.1790. Only below said support at 1.1757 would abort and signal a temporary top has been formed, bring retracement of recent rise to 1.1720-25 (61.8% Fibonacci retracement of 1.1638-1.1861) but reckon 1.1700 would limit downside and previous resistance at 1.1678 (now support) should remain intact. 

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