Thu, Feb 09, 2023 @ 13:17 GMT
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Trade Idea Wrap-up: EUR/USD – Stand aside

EUR/USD – 1.1803

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1829

Kijun-Sen level                  : 1.1805

Ichimoku cloud top             : 1.1765

Ichimoku cloud bottom      : 1.1749

Original strategy  :

Exit short entered at 1.1835,

Position : – Short at 1.1835

Target :  –

Stop : –

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Yesterday’s strong rebound due to dollar’s broad-based weakness after Fed suggests a temporary low has been formed at 1.1717, hence consolidation above this level would be seen with mild upside bias and gain towards 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 stand aside in the meantime. Below 1.1775-80 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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