Trade Idea Wrap-up: EUR/USD – Sell at 1.0570


EUR/USD – 1.0512

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 1.0523

Kijun-Sen level                  : 1.0536

Ichimoku cloud top             : 1.0573

Ichimoku cloud bottom      : 1.0555

Original strategy  :

Sell at 1.0570, Target: 1.0470, Stop: 1.0605

Position : –

Target :  –

Stop : –


New strategy  :

Sell at 1.0570, Target: 1.0470, Stop: 1.0605

Position : –

Target :  –

Stop : –

Although euro has slipped after meeting resistance at 1.0572, reckon downside would be limited to previous support at 1.0493 and bring another bounce to said resistance but price should falter below 1.0590, bring another decline later, break of said support at 1.0493 would confirm early decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.

In view of this, we are looking to sell euro on recovery as 1.0572 should limit upside. Only break of resistance at 1.0631 would abort and signal temporary low has been formed instead, bring a stronger rebound to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) but price should falter below resistance at 1.0680.

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