Thu, Feb 09, 2023 @ 11:39 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Stand aside

Trade Idea : EUR/USD – Stand aside

EUR/USD – 1.1789

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1770

Kijun-Sen level                  : 1.1775

Ichimoku cloud top             : 1.1799

Ichimoku cloud bottom      : 1.1796

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite intra-day initial fall to 1.1737, the subsequent rebound suggests further consolidation above last week’s low at 1.1717 would be seen and gain to 1.1815-20 cannot be ruled out, however, reckon upside would be limited to 1.1840-45 and price should falter below last week’s high at 1.1863, bring further choppy trading later. 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

On the downside, expect pullback to be limited to 1.1760 and said intra-day low at 1.1737 should hold, bring another rebound. A break of 1.1737 would bring retest of last week’s low at 1.1717 but break there is needed to confirm recent decline from 1.1961 top has resumed for weakness to 1.1695-00, then 1.1670-75. As near term outlook is mixed, would be prudent to stand aside for now.

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