Trade Idea Wrap-up: EUR/USD – Stand aside

Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 23 13 15:39 GMT

EUR/USD – 1.3287

Most recent candlesticks pattern : N/A

Trend : Sideways

Tenkan-Sen level              :1.3319
Kijun-Sen level                 :1.3317
Ichimoku cloud top              :1.3319
Ichimoku cloud bottom          :1.3319

New strategy  :  

Stand aside

Position: -
Target:  -
Stop:- 

Despite intra-day rebound to 1.3353, current sharp retreat has retained our view that further choppy consolidation within early established range of 1.3258-1.3404 range would take place and weakness to yesterday’s low of 1.3268 cannot be ruled out, however, breach of support at 1.3258 is needed to signal a downside break of the 1.3258-1.3404 range has occurred and bring correction of early upmove towards 1.3220-25 (50% Fibonacci retracement of 1.3038-1.3404) but reckon 1.3190-00 would limit downside and bring another rise later.

On the upside, above said intra-day resistance would bring test of yesterday’s high of 1.3372 but break there is needed to suggest a possible upside break is underway instead for gain towards last week’s high of 1.3404, having said that, only above 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), 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).

As near term outlook is still mixed, would be prudent to stand aside for now.