(From ActionForex.Com)
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level :1.3229
Kijun-Sen level :1.3280
Ichimoku cloud top :1.3357
Ichimoku cloud bottom :1.3354
Original strategy :
Sell at 1.3290, Target: 1.3185, Stop: 1.3325
New strategy :
Sell at 1.3290, Target: 1.3185, Stop: 1.3325
Although the single currency has fallen again after meeting renewed selling at 1.3266, loss of near term downward momentum should prevent sharp fall below 1.3164 support and risk has increased for a rebound later.
In view of this, would not chase this move here and we prefer to sell euro on recovery. Above the Tenkan-Sen (now at 1.3229 would bring retracement to 1.3280-85 (current level of the Kijun-Sen and previous support) before prospect of another decline. Looking ahead, only break of support at 1.3164 would retain bearishness and signal entire correction from 1.2969 has ended at 1.3500 and bring further weakness to 1.3100/10. Above 1.3320/25 would defer but reckon the Ichimoku cloud (now at 1.3354-57) would limit upside.
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ABOUT THE AUTHOR
Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1330 - 1400
Source link: http://www.actionforex.com/trading-signals/candlesticks-and-ichimoku-intraday/trade-idea-wrap-up:-eur%10usd-%e2%80%93-sell-at-1.3290-20101216129176/
