Thu, Jan 27, 2022 @ 13:44 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Sell at 1.0480

Trade Idea : EUR/USD – Sell at 1.0480

EUR/USD – 1.0435

Most recent candlesticks pattern : N/A

Trend : Down

Tenkan-Sen level : 1.0459

Kijun-Sen level : 1.0477

Ichimoku cloud top : 1.0548

Ichimoku cloud bottom : 1.0536

New strategy :

Sell at 1.0480, Target: 1.0380, Stop: 1.0515

Position : –

Target : –

Stop : –

The single currency has fallen again after meeting renewed selling interest at 1.0490 earlier today, suggesting the selloff from last week’s high at 1.0654 is still in progress and may extend further weakness to 1.0400, however, break of previous support at 1.0372 is needed to retain bearishness and signal early downtrend has resumed for retest of 1.0352 low later.

In view of this, would not chase this fall here and would be prudent to sell euro on recovery as the Kijun-Sen (now at 1.0477) should limit upside and bring another decline. A break above previous support at 1.0506 (now resistance) would defer and risk a stronger rebound to the lower Kumo (now at 1.0536) first.

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