New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency has recovered after falling to 1.0899 yesterday suggesting consolidation would be seen and recovery to 1.0945-50 is likely, however, if our view that top has been formed at 1.0993 is correct, upside should be limited to the lower Kumo (now at 1.0960) and price should falter below the upper Kumo (now at 1.0974), bring another decline later.
On the downside, below said yesterday’s low at 1.0899 would bring test of 1.0870 support but break of this indicated level is needed to signal the rebound from 1.0803 low has ended, bring further fall to 1.0845-50 first. As near term outlook is mixed, would be prudent to stand aside in the meantime.
About the Author
Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 – 0700; 2nd Update: 0930 – 1000; 3rd Update: 1230 – 1300; 4th Update: 1500 – 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 – 0830; EUR/GBP, USD/CAD: 1430 – 1500 GMT
Commerce Concept Replace: EUR/USD - Stand apart
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