Forex EUR-USD Trade Idea, Sell at 1.2970

EUR-USD – 1.2883

Most recent candlesticks pattern : N/A

Trend: Sideways

Tenkan-Sen level: 1.2882
Kijun-Sen level: 1.2881
Ichimoku cloud top: 1.2987
Ichimoku cloud bottom: 1.2947

New strategy: Sell at 1.2970, Target: 1.2850, Stop: 1.3005

As Euro recovered after falling to 1.2836 early Wednesday, suggesting consolidation above this level would be seen and rebound to previous support at 1.2939, then the Ichimoku cloud bottom now at 1.2947 cannot be ruled out, but price should slow below Resistance at 1.2991, bringing on another decline later.

A clear break of support would extend the fall from 1.3072 to previous support at 1.2804, but near term oversold condition should prevent sharp fall below there and I believe that 1.2776, 1.618 times projection of 1.3072-1.2939 measuring from 1.2991, will hold from here.

In view of this, I am looking to sell the EUR on recovery. Only above the Rsistance at 1.2991 aborts this play, and signal low is formed and bring a stronger rebound to 1.3030-40, but Resistance at 1.3072 should remain intact.

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.

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