HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Buy at 1.1780

Trade Idea Wrap-up: EUR/USD – Buy at 1.1780

EUR/USD – 1.1844

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1840

Kijun-Sen level                  : 1.1796

Ichimoku cloud top             : 1.1761

Ichimoku cloud bottom      : 1.1749

Original strategy  :

Buy at 1.1780, Target: 1.1880, Stop: 1.1745

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1780, Target: 1.1880, Stop: 1.1745

Position : –

Target :  –

Stop : –

As the single currency has rallied after finding renewed buying interest at 1.1713 and broke above 1.1809 resistance, signaling the correction from 1.1861 (last week’s high) has ended and retest of this level would be seen, however, break there is needed to retain bullishness and confirm recent upmove has resumed for headway to 1.1880 resistance, then 1.1900-10 but near term overbought condition should limit upside to 1.1940-50.

In view of this, we are looking to buy euro on pullback as 1.1775-80 should limit downside and bring another rise later. Below the lower Kumo (now at 1.1749) would abort and signal the rebound from 1.1713 has ended instead, bring retest of this level later. 

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