HomeTrade IdeasCandlesticks IntradayTrade Idea : EUR/USD - Buy at 1.1680

Trade Idea : EUR/USD – Buy at 1.1680

EUR/USD – 1.1738

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1740

Kijun-Sen level                  : 1.1769

Ichimoku cloud top             : 1.1772

Ichimoku cloud bottom      : 1.1765

Original strategy  :

Buy at 1.1700, Target: 1.1800, Stop: 1.1665

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1680, Target: 1.1780, Stop: 1.1645

Position : –

Target :  –

Stop : –

As the single currency has retreated again after meeting resistance at 1.1809, suggesting near term downside risk remains for the erratic fall from 1.1861 top to bring retracement of recent rise, hence initial fall to 1.1700 cannot be ruled out, however, reckon downside would be limited to 1.1671-78 (61.8% Fibonacci retracement of 1.1554-1.1861 or previous resistance) and bring rebound later to 1.1809 but break of resistance at 1.1822 is needed to signal the pullback from 1.1861 (last week’s high) has ended, bring retest of said resistance later.

In view of this, we are looking to buy euro on next decline as 1.1671-78 should limit downside and bring rebound later. Only below 1.1650 would defer and signal top has been formed instead, bring a stronger retracement of recent rise to previous support at 1.1637 first. 

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