Red's Mid Week Forex EUR-USD Trade Idea
EUR-USD - 1.2841
Old Strategy: Stand Aside
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level :1.2790 Kijun-Sen level :1.2779 Ichimoku cloud top :1.2747 Ichimoku cloud bottom :1.2737
New strategy : Buy at 1.2750, Target: 1.2870, Stop: 1.2715
The single currency rose again after intra-day brief retreat to 1.2734 Wednesday, suggesting near term rise from last week's low of 1.2624 is still in progress, and may bring retracement of recent decline to previous resistance at 1.2879, but, near term overbought condition should limit upside to 1.2900/05, 61.8% Fibonacci retracement of 1.3077 to 1.2624, and likely 1.2940-50, 1.236 times projection of 1.2624-1.2810 measuring from 1.2712, will hold from here, bring retreat again later.
This being the POV, I am looking to buy Euro on pullback as the Ichimoku cloud, now at 1.2737-47, should limit downside. Only a move below the minor support at 1.2712 will abort, and signal Top is formed and risk weakness to 1.2690 but I believe that 1.2650 would limit the Southside and support at 1.2624 should continue to hold.
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. www.livetradingnews.com