Trade Idea Wrap-up: EUR/USD - Sell at 1.1025
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Trade Idea Wrap-up: EUR/USD - Sell at 1.1025
Most recent candlesticks pattern : N/A
Tenkan-Sen level : 1.0906
Ichimoku cloud top : 1.1147
Ichimoku cloud bottom : 1.1145
Sell at 1.1025, Target: 1.0905, Stop: 1.1060
Sell at 1.1025, Target: 1.0905, Stop: 1.1060
Euro’s selloff from 1.1300 together with the subsequent breach of previous support at 1.0989 and 1.0959, adding credence to our view that top has been formed at 1.1300 and bearishness is seen for further fall to previous support at 1.0851, however, near term oversold condition should prevent sharp fall below 1.0820-25 and reckon 1.0800 would hold from here.
In view of this, would not chase this fall here and would be prudent to sell euro on subsequent recovery. Above 1.0950-55 would bring recovery to 1.0985-90, however, reckon upside would be limited to 1.1025-30 and bring another decline later. Only break of 1.1050-60 would defer and risk a stronger rebound to 1.1090-00 later.
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