Thu, Dec 09, 2021 @ 10:06 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Hold long entered at 1.1820

Trade Idea : EUR/USD – Hold long entered at 1.1820

EUR/USD – 1.1852

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1839

Kijun-Sen level                  : 1.1854

Ichimoku cloud top             : 1.1869

Ichimoku cloud bottom      : 1.1844

Original strategy  :

Bought at 1.1820, Target: 1.1920, Stop: 1.1785

Position : – Long at 1.1820

Target :  – 1.1920

Stop : – 1.1785

New strategy  :

Hold long entered at 1.1820, Target: 1.1920, Stop: 1.1820

Position : – Long at 1.1820

Target :  – 1.1920

Stop : – 1.1820

Although the single currency retreated after meeting resistance at 1.1902 earlier this week and consolidation below this level would be seen, reckon downside would be limited and bring another rise later, above 1.1880 would signal the pullback from 1.1902 has ended, bring retest of this level, break there would extend the erratic upmove from 1.1717 towards resistance at 1.1940 which is likely to hold from here.

In view of this, we are holding on to our long position entered at 1.1820. Below 1.1800 would defer and 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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