Candlesticks and Ichimoku Intraday
Red's Forex Trade Idea: EUR-USD pair, Stand aside
Candlesticks and Ichimoku Intra-day read
EUR-USD - 1.3747
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level :1.3756
Kijun-Sen level :1.3747
Ichimoku cloud top :1.3791
Ichimoku cloud bottom :1.3763
New strategy : Stand aside
Position: - none
Target: - none
Yesterday's fall to 1.3682, lack of follow through selling, and the rebound after holding above indicated support at 1.3656 add credibility to my view that further choppy consolidation will be seen, and yet another bounce to the Ichimoku cloud top, now at 1.3791 cannot be ruled out.
But, a move above yesterday's high at 1.3839 is needed to signal another leg of corrective rebound is underway for test of resistance at 1.3870, Friday's high, which is likely to hold on the 1st test.
On the Downside: a break of the support at 1.3682 extends weakness to previous support at 1.3656, but a break there is needed to confirm that the correction from last week's low of 1.3608 has ended, and bring resumption of early decline from 1.4248 Top for a retest of 1.3608, a break below there extends the weakness towards 1.3565-66, previous support and 61.8% Fibo retracement of 1.3145-1.4248.
As near term outlook is mixed, I say stand aside for now, be patient.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.