Thu, Dec 09, 2021 @ 09:49 GMT
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Trade Idea Wrap-up: EUR/USD – Buy at 1.1820

EUR/USD – 1.1877

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1864

Kijun-Sen level                  : 1.1852

Ichimoku cloud top             : 1.1808

Ichimoku cloud bottom      : 1.1786

New strategy  :

Buy at 1.1820, Target: 1.1920, Stop: 1.1785

Position : –

Target :  –

Stop : –

As the single currency has surged again in NY morning and broke above indicated previous resistance at 1.1864, adding credence to our view that another leg of the rise from 1.1717 is underway and bullishness remains for this move to extend further subsequent gain to 1.1900 but price should falter below resistance at 1.1940 today, risk from there is seen for a retreat later due to near term overbought condition.

In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.1820 should limit downside. Below 1.1800 would bring test of 1.1775 support but only break there would suggest top is formed instead, then subsequent retreat to 1.1750 would follow but support at 1.1737 should remain intact.

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