Tue, Mar 28, 2023 @ 14:48 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.0730

Trade Idea Wrap-up: EUR/USD – Sell at 1.0730

EUR/USD – 1.0660

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.0669

Kijun-Sen level                  : 1.0669

Ichimoku cloud top             : 1.0669

Ichimoku cloud bottom      : 1.0654

Original strategy  :

Sell at 1.0730, Target: 1.0610, Stop: 1.0765

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0730, Target: 1.0610, Stop: 1.0765

Position : –

Target :  –

Stop : –

As the single currency recovered after falling to 1.0635 yesterday, suggesting minor consolidation above this level would be seen and corrective bounce to 1.0702 cannot be ruled out, however, reckon 1.0730-40 would limit upside and bring another decline, below said support at 1.0635 would add credence to our bearish view that the decline from 1.0906 top is still in progress and extend further weakness to 1.0620, then test of previous chart support at 1.0600, however, a sustained breach below the latter level is needed to retain downside bias for subsequent selloff to 1.0570-75 first.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0730-40 should limit upside. Only a firm break above resistance at 1.0773 would suggest low is formed instead, bring a stronger rebound to 1.0800 but resistance at 1.0827 should remain intact. 

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