ActionForex.com
Jan 21 17:16 GMT

Sponsors

Forex Expos

Trade Idea Update: EUR/USD - Sell at 1.0555 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 13:20 GMT
EUR/USD - 1.0508


Original strategy  :

Sell at 1.0555, Target: 1.0455, Stop: 1.0585

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 1.0555, Target: 1.0455, Stop: 1.0585

Position : -

Target :  -

Stop : -


Despite yesterday’s brief rise to 1.0627, lack of follow through buying on break of previous resistance at 1.0623 and the subsequent retreat has retained our view that further consolidation would take place and current breach of 1.0511 support  suggests top has been formed at 1.0627, hence further fall to 1.0480-85 (50% Fibonacci retracement of 1.0340-1.0627) is underway but break of 1.0450 (61.8% Fibonacci retracement) is needed to signal the rise from 1.0340 has ended, bring further decline to 1.0420-25 first.

In view of this, we are looking to sell euro on recovery as the Kijun-Sen (now at 1.0550) should limit upside. Above 1.0580 would defer but only break of 1.0600-05 would signal the pullback from 1.0627 has ended bring retest of this level, then towards 1.0654 (previous resistance).

 

About the Author

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

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

Advanced Candlesticks and Ichimoku Strategies for Forex Trading

For the first time, our Action Forex analysts are revealing the strategies they use in formulating the trading ideas in our popular Candlesticks and Ichimoku Analysis section. These strategies are presented in our newly released ebook "Advanced Candlesticks and Ichimoku Strategies for Forex Trading." Don't miss this opportunity in learning these techniques that professional traders use. Download both Part I and Part II NOW!

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Trade Ideas

Candlesticks Trades
Elliott Wave Trades

Forex Brokers

ActionForex.com © 2017 All rights reserved.