Trade Idea Update: EUR/USD - Sell at 1.0645

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 24 16 13:54 GMT

EUR/USD – 1.0568

Original strategy  :

Sell at 1.0645, Target: 1.0520, Stop: 1.0680

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0645, Target: 1.0520, Stop: 1.0680

Position : –

Target :  –

Stop : –

Although the single currency fell marginally to 1.0518, lack of follow through selling and current rebound suggest consolidation would be seen and test of the Kijun-Sen (now at 1.0581) cannot be ruled out, however, reckon upside would be limited to 1.0615-20 and price should falter below resistance at 1.0658, bring another decline to 1.0495-05 (1.618 times projection of 1.0817-1.0666 measuring from 1.0746), however, near term oversold condition should limit downside to 1.0450-55. 

In view of this, would not chase this fall here and would be prudent to sell euro on subsequent recovery as 1.0658 resistance should limit upside. Above 1.0665-70 would defer and suggest a temporary low is formed instead, bring retracement of recent decline to 1.0700-10 first.

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Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

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Trade Idea Update: EUR/USD - Sell at 1.0645