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Trade Idea : EUR/USD - Buy at 1.0575 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 12 17 08:40 GMT
EUR/USD - 1.0643

Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 1.0611

Kijun-Sen level                  : 1.0552

Ichimoku cloud top             : 1.0569

Ichimoku cloud bottom      : 1.0565


Original strategy  :

Sell at 1.0520, stopped at 1.0555

Position : - Sold at 1.0520

Target :  -

Stop : - 1.0555


New strategy  :

Buy at 1.0575, Target: 1.0675, Stop: 1.0540

Position : -

Target :  -

Stop : -


Although the single currency slipped at 1.0454 yesterday, euro found decent demand there and has staged a much stronger than expected rebound since, the breach of resistance at 1.0627 signals the rise from 1.0340 low is still in progress for retracement of early downtrend, hence upside bias is seen for further gain to 1.0670 (previous resistance), break there would extend headway towards 1.0705-10 (38.2% Fibonacci retracement of 1.1300-1.0340), however, reckon 1.0740-45 (100% projection of 1.0340-1.0627 measuring from 1.0454) would hold from here, bring retreat later.

In view of this, we are looking to buy euro on pullback as the Ichimoku cloud (now at 1.0565-69) should limit downside and bring another rise. Below the Kijun-Sen (now at 1.0552) would defer and risk deeper retreat to 1.0500-10 but price should stay well above said yesterday’s low at 1.0454, bring another upmove later.

 

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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

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