ActionForex.com Forex Trading Portal with Forex News, Forecast and Analysis, Charts, Live Rates, Pivot Points, Education, Training, Ebooks Downloads
Feb 09 19:09 GMT
Sponsor
Forex Brokers
Trade Idea: EUR/USD - Sell at 1.4015 Print E-mail
Candlesticks Trades |  Written by ActionForex.com |  Jul 10 09 16:20 GMT | 

Trade Idea: EUR/USD - Sell at 1.4015

EUR/USD - 1.3938

Most recent candlesticks pattern : Shooting star
Trend : Sideways

Tenkan-Sen level : 1.3975
Kijun-Sen level : 1.3952
Ichimoku cloud top : 1.4045
Ichimoku cloud bottom : 1.4014

Original strategy : Sell at 1.4030, Target: 1.3900, Stop: 1.4080

New strategy : Sell at 1.4015, Target: 1.3880, Stop: 1.4065

The single currency fell as expected without any significant recovery (we were unable to get a fill on our sell recommendation), however as price has rebounded after the release of worse-than-expected U.S. University of Michigan consumer sentiment, further consolidation above 1.3832 support should take place and recovery to the Ichimoku cloud (now at 1.4014) cannot be ruled out but price should stay well below resistance at 1.4074, then euro shall head south again from there.

In view of the above analysis, we are still looking to sell euro on recovery but one should book profit on such a fall as support at 1.3826/32 should hold on first testing. Looking ahead, once said support is broken, this would confirm the decline from 1.4202 has resumed to 1.3800 but chart support at 1.3747 should hold.

In the event euro rises above resistance at 1.4074 again, this would abort our bearish view and choppy consolidation within 1.3747-1.4339 range would continue, then gain to 1.4140/50 would follow.


Digg!Reddit!Del.icio.us!Google!Live!Facebook!Technorati!StumbleUpon!Newsvine!Furl!Yahoo!Ma.gnolia!Squidoo!
 
Currency Pairs
Action Insight Newsletter
Email:
Candlesticks and Ichimoku
Home | Advertising | About Us | Contact Us | Newsletter | Risk Warning | Privacy Policy | Disclaimers | Site Map | RSS | Search
ActionForex.com © 2009 All rights reserved.