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HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.1835

Trade Idea Wrap-up: EUR/USD – Sell at 1.1835

EUR/USD – 1.1745

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1764

Kijun-Sen level                  : 1.1774

Ichimoku cloud top             : 1.1778

Ichimoku cloud bottom      : 1.1773

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, as long as support at 1.1730 holds, 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 said support at 1.1730 would 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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