Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Buy at 1.1700

Typography

EUR/USD - 1.1772


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 1.1771

Kijun-Sen level                  : 1.1766

Ichimoku cloud top             : 1.1809

Ichimoku cloud bottom      : 1.1793


Original strategy  :

Buy at 1.1700, Target: 1.1800, Stop: 1.1665

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.1700, Target: 1.1800, Stop: 1.1665

Position : -

Target :  -

Stop : -


Although the single currency has rebounded after finding support at 1.1722, break of resistance at 1.1822 is needed to signal the pullback fro 1.1861 (last week’s high) has ended, bring retest of said resistance, break there would extend recent rise to 1.1900 but near term overbought condition should limit upside to 1.1920-25 and price should falter below 1.1950-60, bring retreat later. If said resistance at 1.1822 continues to hold, then further consolidation would take place and another fall to 1.1722 cannot be ruled out but 1.1700-10 (50% Fibonacci retracement of 1.1554-1.1861) should limit downside and 1.1671-78 (61.8% Fibonacci retracement and previous resistance) would hold, bring another rise later.

In view of this, we are looking to buy euro on next decline. Only below 1.1671-78 would defer and signal top has been formed instead, bring a stronger retracement of recent rise to 1.1650, then test of previous support at 1.1637 which is likely to hold from here.