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Trade Idea Wrap-up: EUR/USD – Stand aside

EUR/USD – 1.1816

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1811

Kijun-Sen level                  : 1.1805

Ichimoku cloud top             : 1.1800

Ichimoku cloud bottom      : 1.1776

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the single currency found support at 1.1775 yesterday and has rebounded again, suggesting another test of indicated resistance at 1.1834 cannot be ruled out, above there would extend the rebound from 1.1737 to 1.1850-55, however, as broad outlook remains consolidative, reckon last week’s high at 1.1863 would hold from here, 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 1.1775-80 and bring another rebound. Below indicated support at 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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