Trade Idea Update: EUR/USD – Sell at 1.3965

(From ActionForex.Com | Mar 08 11 12:44 GMT)
Source link:http://www.actionforex.com/trading-signals/candlesticks-and-ichimoku-intraday/trade-idea-update:-eur%10usd-%e2%80%93-sell-at-1.3965-20110308134900/

EUR/USD – 1.3903
New strategy :
Sell at 1.3965, Target: 1.3865, Stop: 1.4000

Current breach of the Ichimoku cloud bottom signals top has been formed at 1.4036 yesterday and consolidation with downside bias is seen for retracement of recent upmove to previous resistance at 1.3890 (same level as 50% Fibonacci retracement of 1.3744 to 1.4036) and possibly to 1.3856 (61.8% Fibonacci retracement) but support at 1.3833 should remain intact.
In view of this, we are looking to sell euro on recovery. Above intra-day resistance at 1.3989 would suggest the correction from 1.4036 has ended and bring a retest of this level, break there would extend recent upmove to 1.4047 (61.8% projection of 1.2860-1.3862 measuring from 1.3428), however, upside would be limited to 1.4065-70 (1.618 times projection of 1.3744-1.3890 measuring from 1.3833) and bring correction later.

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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