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Trade Idea Wrap-up: EUR/USD – Stand aside

EUR/USD – 1.0596

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 1.0609

Kijun-Sen level                  : 1.0592

Ichimoku cloud top             : 1.0538

Ichimoku cloud bottom      : 1.0535

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite intra-day brief rise to 1.0640, lack of follow through buying on break of previous resistance at 1.0631 and the subsequent retreat suggest consolidation would be seen and pullback to 1.0570-75 cannot be ruled out, break there would prolong consolidation and risk weakness to 1.0540-45, however, support at 1.0493 should remain intact. Only a drop below this support would revive bearishness and signal recent decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.

On the upside, above said resistance at 1.0640 would extend the erratic rise from 1.0493 low to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) and possibly towards resistance at 1.0680, however, loss of upward momentum should limit upside and price should falter well below 1.0700-05 (61.8% Fibonacci retracement), bring retreat later. As near term outlook is mixed, would not chase this rise here and would be prudent to stand aside in the meantime.

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