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Trade Idea Wrap-up: EUR/USD - Sell at 1.0520 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 16:12 GMT
EUR/USD - 1.0462

Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 1.0507

Kijun-Sen level                  : 1.0528

Ichimoku cloud top             : 1.0579

Ichimoku cloud bottom      : 1.0569


Original strategy  :

Sell at 1.0555, Target: 1.0455, Stop: 1.0585

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 1.0520, Target: 1.0420, Stop: 1.0555

Position : -

Target :  -

Stop : -


Euro’s selloff after yesterday’s brief rise to 1.0627 adds credence to our view that top has been formed there and consolidation with mild downside bias is seen for weakness to 1.0450 (61.8% Fibonacci retracement of 1.0340-1.0627), then 1.0420-25,  break there would signal the rise from 1.0340 has ended, bring further decline to 1.0400 but reckon 1.0370 would hold on first testing.

In view of this, we are looking to sell euro on recovery but at a lower level as the Kijun-Sen (now at 1.0528) should limit upside. Above 1.0550 would defer and risk rebound to 1.0580 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).

 

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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

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

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