Sat, Jan 28, 2023 @ 19:59 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Sell at 1.1835

Trade Idea : EUR/USD – Sell at 1.1835

EUR/USD – 1.1788

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1777

Kijun-Sen level                  : 1.1788

Ichimoku cloud top             : 1.1773

Ichimoku cloud bottom      : 1.1766

Original strategy  :

Sell at 1.1835, Target: 1.1735, Stop: 1.1870

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1835, Target: 1.1735, Stop: 1.1870

Position : –

Target :  –

Stop : –

Although the single currency retreated after meeting resistance at 1.1812, recon 1.1755-60 would limit downside and near term upside risk remains for another corrective bounce to said resistance, then towards 1.1835 (50% Fibonacci retracement of 1.1940-1.1730), however, reckon upside would be limited and bring retreat later, below 1.1755-60 would bring retest of 1.1730 but break of this support is needed to confirm recent decline has resumed and extend weakness to previous key support at 1.1713. Looking ahead, only break there would retain bearishness for subsequent decline towards 1.1660-70.

In view of this, we are looking to sell euro on further subsequent recovery as said resistance at 1.1815 should limit upside and bring another decline. Above 1.1845-50 would defer and suggest low is formed, bring a stronger rebound to 1.1875-80 first.

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