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Trade Idea Wrap-up: EUR/USD – Buy at 1.1820

EUR/USD – 1.1857

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1870

Kijun-Sen level                  : 1.1870

Ichimoku cloud top             : 1.1838

Ichimoku cloud bottom      : 1.1817

Original strategy  :

Buy at 1.1820, Target: 1.1920, Stop: 1.1785

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1820, Target: 1.1920, Stop: 1.1785

Position : –

Target :  –

Stop : –

As the single currency has eased after rising to 1.1902 yesterday, minor consolidation below this level would be seen and pullback to 1.1840 cannot be ruled out, however, reckon 1.1805-10 would contain downside and bring another rise later, above said resistance at 1.1902 would extend the erratic upmove from 1.1717 towards resistance at 1.1940 which is likely to hold from here 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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