Trade Idea: EUR/USD - Buy at 1.3650

EUR/USD - 1.3736

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.3709
Kijun-Sen level : 1.3667
Ichimoku cloud top : 1.3602
Ichimoku cloud bottom : 1.3586

Original strategy :

Buy at 1.3590, Target: 1.3770, Stop: 1.3525

New strategy :

Buy at 1.3650, Target: 1.3800, Stop: 1.3585

Despite intra-day rally to 1.3796, lack of follow through buying and current retreat suggest minor consolidation would take place and below the Tenkan-Sen (now at 1.3709) would bring retracement to the Kijun-Sen (now at 1.3667), however, the single currency should stay well above the Ichimoku cloud top (now at 1.3602) and bring another upmove later today or early next week. Above said resistance would extend the upmove from 1.3433 towards resistance at 1.3840/51 and possibly 1.3900 which is likely to hold from here.

In view of the above analysis, we are still looking to buy euro on pullback for such rise. Only below the Ichimoku cloud bottom (now at 1.3586) would dampen this bullish view and signal top is possibly formed and risk weakness towards support at 1.3530-37.