Trade Idea: EUR/USD – Buy at 1.3330

Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 18 13 06:57 GMT

EUR/USD – 1.3386 Most recent candlesticks pattern : N/A Trend : Up Tenkan-Sen level              :1.3377 Kijun-Sen level                 :1.3333 Ichimoku cloud top              :1.3326 Ichimoku cloud bottom          :1.3292 Original strategy :  Buy at 1.3315, Target: 1.3415, Stop: 1.3280 Position: - Target:  - Stop:- New strategy  :   Buy at 1.3330, Target: 1.3430, Stop: 1.3295 Position: - Target:  - Stop:-  As the single currency has maintained a firm undertone, suggesting a retest of recent high of 1.3404 would be seen, break there would confirm early upmove has resumed and extend gain to 1.3440-45 (50% projection of 1.3038-1.3404 measuring from 1.3258) but reckon 1.3484 (61.8% projection) would hold from here, price should falter well below 1.3500-10 (psychological resistance and 61.8% projection of 1.2998-1.3404 measuring from 1.3258).  In view of this, we are looking to buy euro on dips as the Kijun-Sen (now at 1.3333) should limit downside. Only below the Ichimoku cloud bottom (now at 1.3292) would defer and prolong consolidation, risk test of yesterday’s low at 1.3270 and possibly to previous support at 1.3258 but reckon 1.3220-25 (50% Fibonacci retracement of 1.3038-1.3404) would limit downside.