HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: EUR/USD - Sell at 1.0665

Trade Idea Wrap-up: EUR/USD – Sell at 1.0665

EUR/USD – 1.0618

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.0604

Kijun-Sen level                  : 1.0604

Ichimoku cloud top             : 1.0623

Ichimoku cloud bottom      : 1.0593

Original strategy  :

Sell at 1.0665, Target: 1.0565, Stop: 1.0700

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0665, Target: 1.0565, Stop: 1.0700

Position : –

Target :  –

Stop : –

As the single currency has continued trading defensively after recent selloff, suggesting recent decline may resume after consolidation, although corrective bounce to 1.0630-35 cannot be ruled out, however, reckon upside would be limited to 1.0667 resistance (Friday’s high) and bring another decline later, below support at 1.0570 would extend the decline from 1.0906 to 1.0550-55 (50% projection of 1.0906-1.0635 measuring from 1.0689), then 1.0525-30 but near term oversold condition should prevent sharp fall below 1.0500, risk from there is seen for a rebound later.

In view of this, would not chase this fall here and would be prudent to sell dollar on further recovery as 1.0667 resistance should limit upside. Only a firm break above said resistance at 1.0667 would abort and suggest low is formed instead, risk a stronger rebound to 1.0689, then 1.0702.

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