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Trade Idea Wrap-up: EUR/USD – Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Mar 06 13 16:01 GMT

EUR/USD – 1.2998

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Down

Tenkan-Sen level              :1.3028
Kijun-Sen level                 :1.3030
Ichimoku cloud top              :1.3037
Ichimoku cloud bottom          :1.3021

Original strategy                              :

Sell at 1.3145, Target: 1.3020, Stop: 1.3180

Position: -
Target:  -
Stop:-

New strategy  : 

Stand aside

Position: -
Target:  -
Stop:-

Although the single currency has continued to move lower after breaking indicated support at 1.3011 (yesterday’s low) and test of support at 1.2982 cannot be ruled out, break there is needed to confirm the rebound from 1.2967 (last week’s low) has ended and bring retest of this level later, once this support is penetrated, thsi would extend recent decline from 1.3711 top to 1.2950 but near term oversold condition should prevent sharp move below 1.2920-25 and reckon 1.2900 would hold from here.

In view of this, would not chase this move here and would be prudent to stand aside in the meantime. If said support continues to hold, further consolidation would be seen and another corrective rise cannot be ruled out, above the Ichimoku cloud top (now at 1.3037) would prolong consolidation, then test of 1.3075 resistance would be seen, break there would bring retracement of recent decline to 1.3095-00, however, still reckon upside would be limited to 1.3140-45 (50% Fibonacci retracement of 1.3319-1.2967) and renewed selling interests should emerge there, bring another decline 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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