Candlesticks Intraday

Trade Idea Wrap-up: EUR/USD - Sell at 1.1865

Typography

EUR/USD - 1.1793


Most recent candlesticks pattern   : N/A

Trend                      : Near term down


Tenkan-Sen level              : 1.1791

Kijun-Sen level                  : 1.1800

Ichimoku cloud top             : 1.1839

Ichimoku cloud bottom      : 1.1831


Original strategy  :

Sell at 1.1865, Target: 1.1765, Stop: 1.1900

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 1.1865, Target: 1.1765, Stop: 1.1900

Position : -

Target :  -

Stop : -


As the single currency has remained under pressure after recent selloff, adding credence to our bearish view that the erratic decline from 1.1961 top (last week’s high) is still in progress and downside bias remains for further weakness to to 1.1770 and possibly towards support at 1.1736 but near term oversold condition should limit downside and price should stay above previous key support at 1.1713.

In view of this, we are looking to sell euro on recovery as 1.1870-75 should limit upside and bring another decline. Above 1.1900 would risk test of last Friday’s high at 1.1940 but only break there would revive bullishness, bring retest of 1.1961 later.