Trade Idea Update: EUR/USD - Buy at 1.0740
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Trade Idea Update: EUR/USD - Buy at 1.0740
Candlesticks and Ichimoku Intraday |
Written by Action Forex |
Buy at 1.0740, Target: 1.0840, Stop: 1.0705
Buy at 1.0740, Target: 1.0840, Stop: 1.0705
The single currency has eased after meeting resistance at 1.0812 and consolidation below this level would be seen and pullback to 1.0760 cannot be ruled out, however, reckon the Kijun-Sen (now at 1.0748) would limit downside and bring another rise later, above said resistance at 1.0812 would extend recent upmove from 1.0340 low to 1.0820 (50% Fibonacci retracement of 1.1300-1.0340) and then 1.0850, however, near term overbought condition should prevent sharp move beyond there and reckon previous chart resistance at 1.0873 would remain intact.
In view of this, we are still looking to buy euro on pullback as 1.0730-40 should limit downside. Below previous resistance at 1.0713 would defer and risk weakness towards said intra-day support at 1.0684 but break there is needed to signal top is formed instead, risk weakness to 1.0650-55.
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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