Trade Idea Update: EUR/USD - Sell at 1.0810

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 17 16 11:02 GMT

EUR/USD – 1.0730

Original strategy  :

Sell at 1.0810, Target: 1.0680, Stop: 1.0845

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0810, Target: 1.0680, Stop: 1.0845

Position : –

Target :  –

Stop : –

As the single currency has recovered after falling to 1.0666 yesterday, suggesting consolidation above this level would be seen and corrective bounce to 1.0750-60 cannot be ruled out, however, reckon upside would be limited to 1.0780 and resistance at 1.0817 should attract renewed selling interest, bring another decline later, below 1.0683 would bring retest of 1.0666 but break there is needed to confirm recent decline has resumed for further fall to 1.0640-45 (61.8% projection of 1.1300-1.0854 measuring from 1.0919) and later towards 1.0600-10. 

In view of this, we are looking to sell euro on further subsequent recovery as said resistance at 1.0817 should limit upside. Above previous support at 1.0854 would defer and risk rebound to 1.0880-85 but still reckon previous resistance at 1.0919 would cap upside.

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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 1.0810