HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.1235

Trade Idea Wrap-up: EUR/USD – Sell at 1.1235

EUR/USD – 1.1173

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1192

Kijun-Sen level                  : 1.1192

Ichimoku cloud top             : 1.1214

Ichimoku cloud bottom      : 1.1160

Original strategy  :

Sell at 1.1235, Target: 1.1135, Stop: 1.1270

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1235, Target: 1.1135, Stop: 1.1270

Position : –

Target :  –

Stop : –

Although the single currency has retreated after running into resistance at 1.1213, below 1.1150-55 is needed to signal the rebound from 1.1132 has ended, bring retest of this last week’s low, break there would confirm recent decline from 1.1296 top has resumed and extend weakness to previous support at 1.1109 which is likely to hold on first testing. If said minor support continues to hold, then risk of another corrective bounce to 1.1230-35 (61.8% Fibonacci retracement of 1.1296-1.1132) cannot be ruled out before prospect of a retreat.

In view of this, we are looking to sell euro on subsequent recovery as 1.1230-35 (61.8% Fibonacci retracement of 1.1296-1.1132) should limit upside and bring another decline. Above 1.1260-70 would defer and risk a stronger rebound but price should falter well below said resistance at 1.1296, bring another decline later.

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