Trade Idea: EUR/USD – Sell at 1.3095 , Mar 05 2013

Candlesticks and Ichimoku Intraday | Written by Action Forex | Mar 05 13 07:19 GMT

EUR/USD – 1.3030

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Down

Tenkan-Sen level              :1.3033
Kijun-Sen level                 :1.3014
Ichimoku cloud top              :1.3062
Ichimoku cloud bottom          :1.3025

Original strategy                              :

Sell at 1.3095, Target: 1.2970, Stop: 1.3130

Position: -
Target:  -
Stop:-

New strategy  : 

Sell at 1.3095, Target: 1.2970, Stop: 1.3130

Position: -
Target:  -
Stop:-

As the single currency has rebounded after holding above indicated support at 1.2967, retaining our view that further consolidation above this level would be seen and risk of another corrective bounce to the Ichimoku cloud top (now at 1.3062) is likely, however, reckon 1.3095-00 would limit upside and bring another decline later. A break of said support at 1.2967 would extend recent decline from 1.3711 to 1.2963 (1.236 times projection of 1.3434-1.3146 measuring from 1.3319) and then 1.2950 but near term oversold condition should prevent sharp move below 1.2920-25 and reckon 1.2900 would hold from here.

In view of this, we are looking to sell euro on further recovery. Only a firm breach above 1.3101 (Friday’s high) would suggest low is possibly formed and risk rebound to 1.3125-30 but break of resistsance at 1.3163 is needed to confirm.