Trade Idea Wrap-up: EUR/USD – Sell at 1.3365

Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 21 13 15:34 GMT

EUR/USD – 1.3313 Most recent candlesticks pattern : N/A Trend : Up Tenkan-Sen level              :1.3316 Kijun-Sen level                 :1.3306 Ichimoku cloud top              :1.3347 Ichimoku cloud bottom          :1.3328 Original strategy :  Sell at 1.3365, Target; 1.3265, Stop: 1.3400 Position: - Target:  - Stop:- New strategy  :   Sell at 1.3365, Target; 1.3265, Stop: 1.3400 Position: - Target:  - Stop:-  As the single currency has traded narrow after Friday’s retreat from 1.3398 to 1.3281, suggesting further consolidation would be seen and still reckon upside would be limited to 1.3365-75, bring further consolidation below previous resistance at 1.3404, below said support at 1.3281 would bring weakness towards previous support at 1.3258 but sharp fall below 1.3220-25 (50% Fibonacci retracement of 1.3038-1.3404) is not envisaged and renewed buying interests should emerge above 1.3200, bring another rise later. In view of this, we are looking to turn short on recovery as 1.3370-75 should limit upside. Only above Friday’s high of 1.3398 would shift risk back to upside for a retest of recent high of 1.3404 but break there is needed to confirm early upmove has resumed and extend gain to 1.3440-45 (50% projection of 1.3038-1.3404 measuring from 1.3258), then towards 1.3484 (61.8% projection), however, price should falter well below 1.3500-10 (psychological resistance and 61.8% projection of 1.2998-1.3404 measuring from 1.3258).