Thu, Feb 09, 2023 @ 12:25 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Exit short entered at 1.1835

Trade Idea : EUR/USD – Exit short entered at 1.1835

EUR/USD – 1.1720

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1827

Kijun-Sen level                  : 1.1787

Ichimoku cloud top             : 1.1765

Ichimoku cloud bottom      : 1.1752

Original strategy  :

Sold at 1.1835, Target: 1.1735, Stop: 1.1870

Position : – Short at 1.1835

Target :  – 1.1735

Stop : – 1.1870

New strategy  :

Exit short entered at 1.1835,

Position : – Short at 1.1835

Target :  –

Stop : –

The overnight strong rebound due to dollar’s broad-based weakness after Fed suggests a temporary low has been formed at 1.1717, hence consolidation with mild upside bias is seen and gain to 1.1860, then 1.1880 cannot be ruled out, however, near term overbought condition should prevent sharp move beyond 1.1900 and price should falter well below resistance at 1.1940, bring retreat later.

In view of this, would be prudent to exit short entered at 1.1835 and stand aside in the meantime. Below the Kijun-Sen (now at 1.1787) would suggest an intra-day top is formed instead, bring weakness to 1.1750 but break of 1.1735-40 is needed to revive bearishness and signal the rebound from 1.1717 has ended, bring retest of this level.

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