HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Buy at 1.0800

Trade Idea Wrap-up: EUR/USD – Buy at 1.0800

EUR/USD – 1.0886

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.0880

Kijun-Sen level                  : 1.0849

Ichimoku cloud top             : 1.0793

Ichimoku cloud bottom      : 1.0787

Original strategy  :

Buy at 1.0800, Target: 1.0900, Stop: 1.0765

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.0800, Target: 1.0900, Stop: 1.0765

Position : –

Target :  –

Stop : –

The single currency also opened higher today on dollar’s broad-based weakness and the the subsequent rally signals recent upmove is still in progress, hence bullishness remains for further gain to 1.0900 and possibly 1.0930-35 (61.8% Fibonacci retracement of 1.1300-1.0340), however, loss of near term upward momentum should prevent sharp move beyond 1.0955-60 and price should falter below 1.0990-00, risk from there has increased for a retreat to take place later.

In view of this, would not chase this rise here and we are looking to buy euro on subsequent pullback as 1.0800-10 should limit downside. Only below support at 1.0760 would abort and signal top is formed, bring retracement of recent upmove to 1.0730 but 1.0719 support should remain intact. 

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