Trade Idea Wrap-up: EUR/USD - Buy at 1.1025

EUR/USD – 1.1088

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1093

Kijun-Sen level                  : 1.1093

Ichimoku cloud top             : 1.1069

Ichimoku cloud bottom      : 1.1019

Original strategy  :

Buy at 1.1025, Target: 1.1125, Stop: 1.0990

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1025, Target: 1.1125, Stop: 1.0990

Position : –

Target :  –

Stop : –

As the single currency has retreated after rising marginally to 1.1126, suggesting consolidation below this level would be seen and pullback to 1.1050-55 cannot be ruled out, however, reckon the lower Kumo (now at 1.1018) would limit downside and bring another rise later, above said resistance at 1.1126 would extend recent rise from 1.0851 low to 1.1145-50 but overbought condition should prevent sharp move beyond 1.1175-80  and reckon resistance at 1.1205 would hold.

In view of this, would not chase this rise here and would be prudent to buy euro on further pullback as previous resistance at 1.1039 should turn into support and contain downside, bring another rise. Below the lower Kumo (now at 1.1018) would defer and suggest a temporary top is formed instead, risk test of previous resistance at 1.0987-93 first.

Trade Idea Wrap-up: EUR/USD - Buy at 1.1025