Trade Idea Wrap-up: EUR/USD – Sell at 1.3480

Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 13 13 16:24 GMT

EUR/USD – 1.3443

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Near term down

Tenkan-Sen level              :1.3473
Kijun-Sen level                 :1.3468
Ichimoku cloud top              :1.3415
Ichimoku cloud bottom          :1.3410

New strategy  : 

Sell at 1.3480, Target: 1.3380, Stop: 1.3515

Position: -
Target:  -
Stop:-

Remark: Due to holidays, no update on 14-15 Feb, next update on Ichimoku and Candlestick intra-day trade ideas will be made on Monday 18 Feb 2013

Despite intra-day brief rise to 1.3520, the subsequent retreat from there formed a shooting star on the hourly chart (it is also quite likely a shooting star would also be formed on the daily chart), suggesting the rebound from this week’s low of 1.3326 has ended there and consolidation with downside bias is seen for test of the Ichimoku cloud (now at 1.3410-15), then towards yesterday’s low of 1.3365, however, a breach of indicated key support at 1.3350-55 is needed to signal decline from 1.3711 top has resumed and bring retest of 1.3326 first which is likely to hold from here.

In view of this, we are looking to sell euro on recovery. Only above said resistance at 1.3520 would abort and risk a stronger rebound to 1.3550-55 and possibly test of previous resistance at 1.3577, however, break of 1.3598-00 level is needed to turn outlook bullish.