Candlesticks and Ichimoku Intraday | Written by Action Forex | Mar 07 13 07:17 GMT
EUR/USD – 1.2995
Most recent candlesticks pattern : Shooting star
Trend : Down
Tenkan-Sen level :1.2986
Kijun-Sen level :1.3018
Ichimoku cloud top :1.3049
Ichimoku cloud bottom :1.3029
New strategy :
Stand aside
Position: -
Target: -
Stop:-
Although yesterday’s selloff signals correction from 1.2967 has ended at 1.3075 and recent decline from 1.3711 top may extend weakness to 1.2950, near term oversold condition should prevent sharp move below 1.2920-25 and reckon 1.2900 would hold from here, risk from there has increased for a corrective rebound to take place later today.
In view of this, would not chase this move here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 1.3018) would bring test of lower Kumo (now at 1.3029), then the Ichimoku cloud top (now at 1.3049) but said resistance at 1.3075 should limit upside and next resistance at 1.3101 should remain intact, bring another decline later.
