Trade Idea Wrap-up: EUR/USD - Sell at 1.0595

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 23 16 16:03 GMT

EUR/USD – 1.0540

Original strategy  :

Sell at 1.0595, Target: 1.0495, Stop: 1.0630

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0595, Target: 1.0495, Stop: 1.0630

Position : –

Target :  –

Stop : –

As the single currency has fallen again after faltering below resistance at 1.0658, signal recent selloff is still in progress and further weakness to 1.0522-23 (50% projection of 1.1300-1.0709 measuring from 1.0817 and previous chart support), then 1.0495-05 (1.618 times projection of 1.0817-1.0666 measuring from 1.0746) would be seen, 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 recovery as 1.0600 should limit upside. Only above 1.0635-40 would defer and risk another corrective bounce to 1.0658 resistance but price should falter below 1.0700-10.

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

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Trade Idea Wrap-up: EUR/USD - Sell at 1.0595