Wed, Feb 08, 2023 @ 18:08 GMT
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Trade Idea Wrap-up: EUR/USD – Stand aside

EUR/USD – 1.1774

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1790

Kijun-Sen level                  : 1.1796

Ichimoku cloud top             : 1.1816

Ichimoku cloud bottom      : 1.1790

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite yesterday brief bounce to 1.1863, lack of follow through buying and the subsequent sharp retreat suggest consolidation below this level would be seen and test of 1.1755-60 cannot be ruled out, however, reckon downside would be limited to 1.1730 and price should stay above this week’s low at 1.1717, bring another rebound later.

On the upside, whilst recovery to the Kijun-Sen (now at 1.1814) is likely, reckon upside would be limited to 1.1840 and said resistance at 1.1863 would hold. Only a break above this level would signal the rebound from 1.1717 is still in progress for further subsequent gain to 1.1880, then 1.1900 but price should falter well below resistance at 1.1940, bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now.

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