Trade Idea Wrap-up: EUR/USD - Sell at 1.0595
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Trade Idea Wrap-up: EUR/USD - Sell at 1.0595
Candlesticks and Ichimoku Intraday |
Written by Action Forex |
Sell at 1.0595, Target: 1.0495, Stop: 1.0630
Sell at 1.0595, Target: 1.0495, Stop: 1.0630
As the single currency has fallen again after faltering below resistance at 1.0658, signal recent selloff is still in progress and further weakness to 1.0522-23 (50% projection of 1.1300-1.0709 measuring from 1.0817 and previous chart support), then 1.0495-05 (1.618 times projection of 1.0817-1.0666 measuring from 1.0746) would be seen, however, near term oversold condition should limit downside to 1.0450-55.
In view of this, would not chase this fall here and would be prudent to sell euro on recovery as 1.0600 should limit upside. Only above 1.0635-40 would defer and risk another corrective bounce to 1.0658 resistance but price should falter below 1.0700-10.
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: 1430 – 1500 GMT
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