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Trade Idea Update: EUR/USD - Buy at 1.3455 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Sep 19 13 13:22 GMT
EUR/USD - 1.3545 

Original strategy                           :    

Buy at 1.3455, Target: 1.3585, Stop: 1.3420

Position: -
Target:  -

New strategy  :      

Buy at 1.3455, Target: 1.3585, Stop: 1.3420

Position: -
Target:  -

Yesterday's rally on dollar's broad-based selloff due to Fed's remark suggests recent upmove is still in progress and may extend further gain to 1.3580-85, however, near term overbought condition should prevent sharp move beyond 1.3610-15 (1.618 times projection of 1.3105-1.3325 measuring from 1.3254) and reckon upside would be limited to 1.3640-50, price should falter below 1.3670-80, risk from there is seen for a retreat later.

In view of this, we are looking to buy euro on pullback as the Kijun-Sen (now at 1.3454) should limit downside, bring another rise later. Below 1.3400-10 would defer and suggest top is possibly formed, bring test of previous resistance at 1.3385, below there would confirm and correction to the Ichimoku cloud (now at 1.3355-56) would follow.


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