HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.1220

Trade Idea Wrap-up: EUR/USD – Sell at 1.1220

EUR/USD – 1.1191

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1176

Kijun-Sen level                  : 1.1166

Ichimoku cloud top             : 1.1220

Ichimoku cloud bottom      : 1.1201

Original strategy  :

Sell at 1.1210, Target: 1.1110, Stop: 1.1245

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1220, Target: 1.1120, Stop: 1.1255

Position : –

Target :  –

Stop : –

As the single currency has rebounded after holding above yesterday’s low at 1.1132, suggesting consolidation above this level would be seen and corrective bounce to 1.1210-15 (50% Fibonacci retracement of 1.1296-1.1132) cannot be ruled out, however, reckon 1.1230-35 (61.8% Fibonacci retracement) would limit upside and bring another decline later. Below 1.1155-60 would bring retest of 1.1132, break there would extend recent decline from 1.1296 top to previous support at 1.1109. 

In view of this, we are looking to sell euro on recovery as 1.1210-15 (50% Fibonacci retracement of 1.1296-1.1132) should limit upside and bring another decline. Above 1.1230-35 (61.8% Fibonacci retracement) would defer and risk a stronger rebound to 1.1250 but price should falter well below said resistance at 1.1296, bring another decline later.

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