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Trade Idea Wrap-up: EUR/USD - Hold short entered at 1.0655 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 15:18 GMT
EUR/USD - 1.0650

Most recent candlesticks pattern   : N/A

Trend                      : Near term down


Tenkan-Sen level              : 1.0653

Kijun-Sen level                  : 1.0656

Ichimoku cloud top             : 1.0608

Ichimoku cloud bottom      : 1.0589


Original strategy  :

Sold at 1.0655, Target: 1.0555, Stop: 1.0690

Position : - Short at 1.0655

Target :  - 1.0555

Stop : - 1.0690


New strategy  :

Hold short entered at 1.0655, Target: 1.0555, Stop: 1.0670

Position : - Short at 1.0655

Target :  - 1.0555

Stop : - 1.0670


Although the single currency has maintained a firm undertone after staging a strong rebound from 1.0521 and marginal gain from here cannot be ruled out, as long as 1.0680 holds, mild downside bias remains for another retreat, below 1.0600 would signal top is formed, bring further fall to 1.0540-50 but price should stay above said support at 1.0521, then euro may staged another rebound later.

In view of this, we are holding on to our short position entered at 1.0655. Above 1.0680 would signal recent decline has ended instead and risk a stronger rebound to 1.0710-15 (61.8% Fibonacci retracement of 1.0829-1.0521).

 

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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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