Trade Idea Wrap-up: EUR/USD – Hold long entered at 1.3410

Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 28 13 15:42 GMT

EUR/USD – 1.3449

Most recent candlesticks pattern : N/A

Trend : Near term up

Tenkan-Sen level              :1.3451
Kijun-Sen level                 :1.3452
Ichimoku cloud top              :1.3409
Ichimoku cloud bottom          :1.3370

Original strategy : 

Bought at 1.3410, Target: 1.3510, Stop: 1.3420

Position: - Long at 1.3410
Target:  - 1.3510
Stop:- 1.3420

New strategy  :  

Hold long entered at 1.3410, Target: 1.3510, Stop: 1.3420

Position: - Long at 1.3410
Target:  - 1.3510
Stop:- 1.3420

Failure to penetrate Friday’s high of 1.3480 and current retreat suggest consolidation would be seen and intra-day support at 1.3425 needs to hold to retain bullish prospect of another rise, above 1.3480-84 (said resistance and 61.8% projection of 1.3038-1.3404 measuring from 1.3258) would encourage for headway to 1.3500-10 (psychological resistance and 61.8% projection of 1.2998-1.3404 measuring from 1.3258), however, near term overbought condition should prevent sharp move beyond there and risk from there is seen for a correction to take place later.

In view of this, we are holding on to our long position entered at 1.3410. Only below previous resistance at 1.3393-1.3404 would defer and risk correction to the Ichimoku cloud bottom (now at 1.3370), then towards 1.3349 (Friday’s low) before prospect of another rally.