Mon, May 16, 2022 @ 18:37 GMT
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Trade Idea : EUR/USD – Stand aside

EUR/USD – 1.0602

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 1.0607

Kijun-Sen level                  : 1.0568

Ichimoku cloud top             : 1.0537

Ichimoku cloud bottom      : 1.0517

Original strategy  :

Sold at 1.0570, stopped at 1.0575

Position : – Shoer at 1.0570

Target :  –

Stop : – 1.0575

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

The single currency rallied after holding above previous support at 1.0493, dampening our bearishness and consolidation with mild upside bias is seen for test of strong resistance at 1.0630-31, however, a sustained breach above this level is needed to retain bullishness and extend the erratic rise from 1.0493 low for retracement of early decline to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) and later test of resistance at 1.0680.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Kijun-Sen (now at 1.0568) would prolong consolidation and risk weakness to 1.0540 , however, support at 1.0493 should remain intact. Only a drop below this support would revive bearishness and signal;l recent decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.

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