HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Sell at 1.1980

Trade Idea : EUR/USD – Sell at 1.1980

EUR/USD – 1.1918

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1925

Kijun-Sen level                  : 1.1929

Ichimoku cloud top             : 1.1909

Ichimoku cloud bottom      : 1.1905

Original strategy  :

Sell at 1.1980, Target: 1.1880, Stop: 1.2015

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1980, Target: 1.1880, Stop: 1.2015

Position : –

Target :  –

Stop : –

The single currency has remained confined within near term established range and further sideways trading is in store, whilst gain to 1.1950-55 cannot be ruled out, reckon upside would be limited to resistance at 1.1980 and bring another decline later. Below 1.1885-90 would bring weakness to 1.1850, break there would signal the rebound from 1.1823 has ended, then test of this level would follow, break there would add credence to our view that top has been formed at 1.2070 earlier and extend the fall from there to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070), then 1.1790-00 but downside should be limited to previous support at 1.1773. 

In view of this, we are looking to sell euro again on subsequent recovery as 1.1980 resistance should limit upside. Only a firm break above said resistance at 1.1980 would abort and signal the fall from 1.2070 has ended at 1.1823, bring further gain to 1.2000 and possibly towards 1.2025-30.

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